WorksheetsAccounting Terms 1
Total questions: 15
Worksheet time: 9mins
What is an asset?
resources owed to the business
a resources owned by the business
amounts added to the business by the owner
bills incurred to start the business
What is a liability?
Total money owed by the business
Total money spent by the business
Total of money supplied to the business by the owner
Money earned by the business from sales
If your classmate asked you "what is income?" What would your answer be?
Costs incurred through operating the business
Resources owed by the business
Money owed by the business
Money coming in to the business from its usual transactions
What is Capital?
Total of resources supplied to the business by the owner
Total costs incurred by the owner in operating the business
Money coming to the business from its usual transactions
Resources owned by the business
What is an expense?
Total of money owed by the business
Resources owned by the business
Cost incurred in operating the business
Total of money owed by the business
What is revenue?
Profit can be defined as?
Loss is the excess of expenses over (a) .
Which of the following describes the ledger?
Record of the closing-down of the business
Records of the cash deductions of the owner
Records of the day to day transactions of the business
Record of the special transactions of the business
For accounting purposes, what is a journal?
Record of special transactions of the business
Record of the day to day transactions of the business
Record of all payments made by the business
Record of all cash coming into the business
(a) are persons who owe money to the business.
Persons owed money by the business are called (a) .
Accruals are:
certificates of permission for the business to operate
outstanding amounts owed by the business
money due to be collected by the business
money held over from the start-up loan
A pre-payment is
payments made by persons wishing to own part of the busness
Payments made after the due date
early payments to debtors
an amount paid in advance by the business for expense items
What is a balance sheet?
A financial statement that shows the assets, liabilities, and equity of a business at a specific point in time
A record of day-to-day transactions of the business
A summary of the revenue and expenses of a business
A report detailing the cash flow of a business
