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Accounting Terms – Quiz
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Question 1 of 15
1. Question
An event involving the exchange of value between two or more persons is known as
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Question 2 of 15
2. Question
A deduction allowed by the seller of goods or service provider in order to motivate the customer to pay within a specified time is known as a
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Question 3 of 15
3. Question
_______ are the persons who owe to the business for purchasing goods on credit or services
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Question 4 of 15
4. Question
Money withdrawn from the business by the owner for his personal use is known as
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Question 5 of 15
5. Question
An obligation to be settled by the business in the future period
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Question 6 of 15
6. Question
Amount invested by the owner in the firm
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Question 7 of 15
7. Question
The Debts which are to be repaid within a short period is known as
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Question 8 of 15
8. Question
The cost incurred by a business in the process of earning revenue is known as
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Question 9 of 15
9. Question
The excess of revenues of a period over its related expenses during an accounting year
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Question 10 of 15
10. Question
Assets that are acquired for long term use and not likely to be converted into cash quickly
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Question 11 of 15
11. Question
Goods that remain unsold at the end of the accounting period is known as
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Question 12 of 15
12. Question
A ______ is a person to whom the business owes money or money’s worth.
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Question 13 of 15
13. Question
Goodwill & Patent are the examples of
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Question 14 of 15
14. Question
Business owners can withdraw money from a company for their personal use in the name of drawings. True or False?
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Question 15 of 15
15. Question
Capital can be invested in the form of
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