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WorksheetsPrinciples of Accounts Evaluation
Total questions: 15
Worksheet time: 8mins
Owner's Equity can also be called Capital
TRUE
FALSE
Someone who owes the business money because of a credit sale is called
Accounts Receivable
Accounts Payable
A mortgage loan is an example of
Owner's Equity
Assets
Liabilities
Cash is classified as a(n)
Assets
Liabilities
Owner's Equity
What are the two main types of assets?
(a)
prepaid expenses are classified as:
Assets
Liabilities
Owner's Equity
Is long-term Liabilities another term for Non-Current Liabilities
TRUE
FALSE
Furniture and Fittings are classfied as what type of account?
Liabilities
Owner's Equity
Assets
Define the term Assets
The two types of Liabilities are
(a)
What is Owner's Equity?
Is inventory control, payroll, credit control, and Management systems features (functions) of a computerized accounting system
TRUE
FALSE
"Reduced workload for staff" is a disadvantage or advantage of a computerized accounting system?
Advantage
Disadvantage
"Cost of computer installation" can be classified as a disadvantage or an advantage of computerized accounting records?
Advantage
Disadvantage
What are current liabilities?
(a)
