Accounting Terms – Easy 2


  • Accounting Terms - Easy 2
  • Quick Multiple Choice Quiz, Test Yourself!
  • Refresh Your Basics in Accounting Terminology.
  • Only the Top 10% are able to Score More than 7
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_________ is the process of transferring a journal entry to a ledger.
Posting
Journalizing

Correct!

Oops!

________  is the principal book of accounting.
Ledger
Journal
Subsidiary Book

Correct!

Oops!

________ is where you can find all operating expenses of a company.
Income Statement
Petty Cash Book

Correct!

Oops!

_________ is money owed to a business from its customers.
Trade Payables
Trade Receivables
Interest Receivable

Correct!

Oops!

Journal Entry with more than one credit and/or one debit are known as _________.
Simple Journal Entry
Contra Journal Entry
Compound Journal Entry

Correct!

Oops!

_________ is goods withdrawn by the owner for personal use.
Drawings
Goods Returned
Temporary Withdrawls

Correct!

Oops!

Arrangement of assets and liabilities in a proper order inside the balance sheet is known as _________.
Marshalling
Sorting
Arranging

Correct!

Oops!

_________ is a document issued by the seller to request payment from buyer.
Invoice
Cheque
Credit Note

Correct!

Oops!

__________ records all credit sales made by a business.
Sales Book
Sales PDF
Cash Book

Correct!

Oops!

___________ is a subsidiary book where all cash/bank receipts/payments are recorded.
Cash Flow Statement
Cash Book
Income Statement

Correct!

Oops!

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Accounting Terms – Easy 2

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