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WorksheetsAccounting basics
Total questions: 20
Worksheet time: 13mins
Double entry in accounting means there must be________ entries for every transaction?
two
Three
six
one
A general Leger/T) has a ______ and _______ side.
cash receipt and debtors
debit and payments
debit and credit
creditors and debtors
Assets increase on the ________ side?
subsidiary
T-account
credit
debit
owners equity decreases on the _________ side?
credit
debit
payments
liability
assets decreases on the _______ side?
debit
two
credit
sixth
Equipment are an example of an/a ______?
loan
asset
liability
owners equity
when the owner takes money out of the business's account it is called _________?
credit
drawings
debt
borrowing
water and electricity is an/a __________?
credit
asset
expense
income
rates and taxes are an/a ________?
profit
income
VAT
Expense
_______ can also be in a form of assets?
tax
capital
customers
bank
general ledgers are _________?
VAT
Mark-Up
debit
T-account
current income is an _______ to the business?
expense
capital
income
credit
opening balance is __________?
balance of payments
balance carried down
balance broad-down
money
________ are debts of the business?
assets
liabilities
owners equity
vehicles
trading stock is an/a ________?
equity
liabilities
assets
owners equity
This runs from Jan 1 to Dec 31
accounting period
calendar year
Chinese calendar
fiscal year
Cash or other items that can be converted into cast quickly
fixed assets
cash assets
quick assets
current assets
The debts of a business
assets
debts
liabilities
equity
