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Accounting elements

Total questions: 23

Worksheet time: 9mins

Name
Class
Date
1.

What are the 2 other words used for goods in accounting?

a)

Property

b)

Accounts Receivable

c)

Inventory

d)

Stocks

2.

Which of the following are current assets?

a)

trade payables, loan, cash at bank

b)

cost of sales, sales returns, cash in hand

c)

trade receivables, utilities, sales revenue

d)

cash at bank, inventory, trade receivables

3.

Which of the following are non-current assets?

a)

cash in hand, loan, trade receivables

b)

motor vehicles, equipment, premises

c)

inventory, cash at bank, capital

d)

trade payables, fixtures, bank overdraft

4.

Capital is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Capital

5.

Drawings is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

6.

Motor vehicle is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

7.

Sales revenue is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

8.

Discount received is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

9.

General expenses is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

10.

Loan from bank is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

11.

Trade receivable is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

12.

Trade payable is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

13.

Expense payable is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

14.

Interest income is a _______

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Drawings

15.

Service Income

a)

Asset

b)

Liability

c)

Capital

d)

Revenue

e)

Expense

16.

Land

a)

Asset

b)

Liability

c)

Capital

d)

Revenue

e)

Expense

17.

Cash

a)

Asset

b)

Liability

c)

Capital

d)

Revenue

e)

Expense

18.

Repair Revenue

a)

Asset

b)

Liability

c)

Capital

d)

Income

e)

Expense

19.

Which answer contains ONLY assets?

a)

Car, equipment, land and trade receivable.

b)

Bank loan, truck, shelves and computer.

c)

Printer, motorbikes, inventory and capital.

d)

Desk, photocopier machine, trade payable and factory.

20.

Insurance Expense

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Income

e)

Expense

21.

Accrued Expense

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Income

e)

Expense

22.

Interest Receivable

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Income

e)

Expense

23.

Furniture

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Income

e)

Expense

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