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WorksheetsAccounting terminologies
Total questions: 15
Worksheet time: 9mins
which one of them is an asset?
Accounts payable
Loan
Rent expense
Inventory
which one of them is a current asset?
Buildings
Accounts payable
Prepaid expenses
Notes payable
What are liabilities?
Resources owned by the business.
Money owed to the business.
Money owed to others
claims of the owners in the business.
What is money invested by the owner?
Assets
Liabilities
Owner's equity
Capital
Mark the current assets.
Accounts receivables
Notes payable
Cash
Bank
Rent
Mark the expenses>
Wages and salaries payable
Rent
Interest received
Insurance
Identify the intangible assets.
Copyright
Trade mark
Machines
Interest expense
Identify the expenses.
Rent payable
Insurance
Wages and salaries
Purchases
What is the balance sheet?
Statement of cash flow
Statement of financial position
Trading, profit and loss account
Statement of change in equity
Which of the following is a final account?
The larger
The journal
The trail balance
The income statement
Where does the financial transaction is recorded?
The trail balance
The balance sheet
The general journal
The staff book
What is the money paid regularly to run the business?
The assets
The liabilities
The expenses
The revenues
Land, building and equipment are —————-.
Fixed assets
Current assets
Short term liabilities
Expenses
Accounting branch that focus on the recording of financial transactions?
Managerial accounting
Financial accounting
Project accounting
Cost accounting
Which type of accounting is used only internally?
Financial accounting
Management accounting
All accounting types are used internally
No accounting type is used internally
