WorksheetsBookkeeping Level 5 Terminology Test
Total questions: 7
Worksheet time: 4mins
Name
Class
Date
1.
Assets=Liabilities-Capital is the accounting equation
a)
TRUE
b)
FALSE
2.
What type of an account is cash?
a)
ASSET
b)
LIABILITIES
c)
OWNER'S EQUITY
3.
A bookkeeper must ensure all transactions recorded are .......?
a)
balanced
b)
uneven
c)
zero
d)
equal to the square root of 5
4.
Which of the below is not a day book?
a)
Petty
b)
Bank
c)
Creditors
d)
Sales
5.
Something of value OWNED by the company is a
a)
Liability
b)
Asset
c)
Capital
6.
Something of value OWED by a company is called a(n)
a)
Asset
b)
Liability
c)
Capital
7.
Which of the below is an advantage of a computerised bookkeeping system?
a)
Real-time financial information
b)
Fear of unemployment
100 %
