Accounting Terms – Easy 1


  • Accounting Terms - Easy 1
  • Quick Multiple Choice Quiz, Test Yourself!
  • Refresh Your Basics in Accounting.
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1. Assets which are held for a short period are called ________?
Current Asset
Tangible Asset

Correct!

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2. ________  is the primary book of accounting.
Journal
Ledger Book

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3. ________ is used for recording small expenses.
Petty Cash Book
Income Statement

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4. _______ entry is recorded on both sides of a cash book.
True-up Entry
Contra Entry

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5. _______ is the voluntary payment given to a person for services delivered.
Honorarium
Appreciation Payment

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6. A ________ is an official document generated by a buyer of goods/services as an offer for the seller.
Invoice
Purchase Order

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7. These assets don’t have a physical existence and can not be touched and felt.
Tangible Assets
Intangible Assets

Correct!

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8. Amounts which are overdue to a business owner by their debtor(s) and are declared irrecoverable are called ________?
Bad Debts
Doubtful Debts

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9. _______ means the fund brought into the business by owner of the company.
Capital
Stock

Correct!

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10. The actual cost of the commodity sold to a customer is termed as _______.
COGS (cost of goods sold)
MRP (Maximum Retail Price)

Correct!

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Accounting Terms – Easy 1

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