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WorksheetsBook-keeping (Chapter 1 & 2)
Total questions: 10
Worksheet time: 5mins
A business prepares its accounts on the basis that it will continue to trade for the foreseeable future. Which accounting concept is being applied?
Accounting period
Accounting Entity
Going Concern
Accrual Concept
Example of internal users of accounting information.
Government
Suppliers
Customers
Employees
Cash in hand belongs to...
Non-current Assets
Current Assets
Owner's Equity
Income
Accounts Payable belongs to...
Expenses
Non-current Liabilities
Current Liabilities
Current Assets
Drawings belongs to...
Income
Expenses
Current Liabilities
Owner's Equity
Fixtures and Fittings are non-current assets.
True
False
Mortgage Loan is an expenses.
True
False
Which of the following is not an expense of a business?
Advertising
Commission
Sales
Discounts Allowed
Which of the following is an income of a business?
Discounts Received
Returns Outwards
Rental
Motor Vehicles
Interest on bank overdraft is...
Expenses
Income
Owner's Equity
Liabilities
