WorksheetsAccounting Definitions
Total questions: 20
Worksheet time: 10mins
A trade receivable is .....
A customer that owes the business money.
A supplier that is owed money to.
A customer who has paid in cash
A supplier who you have bought goods from in cash.
A trade payable is .....
A customer that owes the business money.
A supplier that is owed money to.
A customer who has paid in cash
A supplier who you have bought goods from in cash.
A non-current asset is .....
Something that a business owes for more than a year.
Something that a business owns for more than one year.
Something that a business owns for less than a year.
Something that a business owes for less than one year.
A non-current liability is .....
Something that a business owes for more than a year.
Something that a business owns for more than one year.
Something that a business owns for less than a year.
Something that a business owes for less than one year.
A current liability is .....
Something that a business owes for more than a year.
Something that a business owns for more than one year.
Something that a business owns for less than a year.
Something that a business owes for less than one year.
A current asset is .....
Something that a business owes for more than a year.
Something that a business owns for more than one year.
Something that a business owns for less than a year.
Something that a business owes for less than one year.
A non-current liability is .....
Machinery
Mortgage
Cash and Cash Equivalents Cr
Trade Receivable
A current asset is .....
Amounts Payable
Amounts Receivable
Opening Inventory
Bad Debt
Statement of Financial Position shows ....
The profit made by a business.
The net worth of a business.
The amount of money made in a year.
The total sales made by the business.
State the odd one out ......
Trade Payable
Wages Receivable
VAT Cr
Bank Overdraft
The Income Statement shows ....
The overall profit made for the financial period.
The net worth of a business.
The value of non-current assets.
The tax charged for supplying goods.
State the odd one out ......
Opening Inventory
Closing Inventory
Carriage Out
Purchases
Provision for Bad Debts is deducted from Trade Payables in the SOFP.
True
False
State the odd one out ......
Equipment
Depreciation
Equity
Property
Gross Profit is calculated .....
Sales add Cost of Sales
Sales Less Expenses
Sales Less Cost of Sales
Sales Add Expenses
State the odd one out ......
Stationery
Bad Debt
Depreciation
Trade Receivable
Expenses are ........
Costs of running a business
Costs of manufacturing products.
Income the business receives from investment.
Money or assets used to start up a business.
State the odd one out ......
Equity
Drawings
Profit for the Year
Bad Debt
Gross Profit is the profit from Trading Activities (Buying and selling the goods)
False
True
State the odd one out ...
Non-Current Assets
Expenses
Current Liabilities
Current Assets
