- Fundamentals of Accounting - Medium 3
- Quick Multiple Choice Quiz, Test Yourself!
- Refresh Your Basics in Accounting.
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Purchase of fixed assets is a ___________.
Revenue Expenditure
Capital Expenditure
Correct!
Oops!
Return outwards is also known as ___________.
Sales Returns
Purchase Returns
Returns to seller
Correct!
Oops!
Capital is also known as ___________.
Owner's Asset
Contribution
Equity
Correct!
Oops!
The person to whom money is to be paid is called ___________.
Payee
Payer
Drawee
Correct!
Oops!
Residual value of an asset is same as salvage value.
True
False
Correct!
Oops!
Journal posting and Journal entry are the same things.
True
False
Correct!
Oops!
Accounts Payable is a ___________ for the business.
Non-current Liability
Current Liability
Internal Liability
Correct!
Oops!
Which of these is a branch of accounting?
Commercial Accounting
Management Accounting
Finance
Correct!
Oops!
Are finance and accounting the same?
Yes
No
Correct!
Oops!
"Income" = "Revenue" = "Profit"?
True
False
Correct!
Oops!
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Accounting Fundamentals – Medium 3
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