Account Meaning

What is a record maintained by a banking institution that tracks cash inflows and outflows on behalf of a customer?

• Deposit

• Bank

• Loan

What is a contractual obligation from a bank that a borrower must repay?

• Loan

• Account

• Deposit

What is the money invested in a business by its owner(s)?

• Capital

• Loan

• Account

What is the delivery cost of bringing the goods from the supplier to the business?

• Carriage inwards

• Carriage outwards

• Delivery costs

What is the cost of delivering goods to a customer?

• Carriage outwards

• Carriage inwards

• Delivery costs

What is the income earned by an individual or company for providing services or facilitating transactions?

• Comission received

• Income

• Profit

What is a device that transforms data into information?

• Printer

• Calculator

• Computer

What are cash discounts allowed to the customer of goods for prompt payment?

• Discount allowed

• Discount received

• Interest income

What is money the business owner takes out of the business for personal use?

• Drawings

• Withdrawals

• Expenses

What is the cost incurred by businesses for using electrical services, impacting their operating expenses?

• Electricity

• Utilities

• Rent