WorksheetsAccounting Definitions
Total questions: 15
Worksheet time: 15mins
What is 'Capital' in a business context?
Money spent on advertisements
Money paid to employees
Money that the owner uses to start the business
Money earned by the business
What are 'Drawings'?
Money earned by providing a service
Money received from trading stock
Money paid for repairs
Money taken by the owner for personal use
What does 'Income' refer to?
Money owed to creditors
Money invested in equipment
Money earned by the business
Money spent on expenses
What is 'Sales'?
Money received from renting out property
Money spent on packaging materials
Money paid for salaries
Money received from trading stock sold
What is 'Net Profit'?
Total income minus total expenses
Total sales minus cost of sales
Total capital minus drawings
Total income plus total expenses
What is a 'Liability'?
Money invested in equipment
Money earned from services
Money owed to someone outside the business
Money received from sales
What does 'Overdraft' mean?
Money owed to suppliers
Money in a checking account
Money owed to the bank
Money received from interest
What is a 'Transaction'?
A record of expenses
Any activity involving money or items of value
A type of asset
A form of income
What is 'Interest on Overdraft'?
Interest paid to the bank for negative balance
Interest paid on loans
Interest earned on savings
Interest received from the bank
What are 'Expenses'?
Money that is spent and cannot be recovered
Money that is earned by the business
Money received from sales
Money invested in capital
Choose the correct example of a non-current asset.
Land and buildings
Bank
Bank overdraft
Cash float
Choose the correct example of a current asset
Land and buildings
Bank
Bank overdraft
Vehicles
Choose the correct example of a non-current asset.
Land and buildings
Bank
Bank overdraft
Cash float
Choose the correct example of a non-current liability
Vehicles
Mortgage loan
Bank overdraft
Equipment
Choose the correct example of a current liability.
Fuel
Mortgage loan
Creditors
Equipment
