Note – Please take our quiz ‘Quiz 5 – Accounting Abbreviations – Beginner’ on this page before going through the below answers. Only the top 3% of our audience score 10/10 in all of them.
- Name – Quiz 5 – Accounting Abbreviations – Beginner
- Topic – Accounting Abbreviations
- Answers with Explanations
Q1. WACC stands for Weighted Average Cost of _____.
Ans. WACC stands for Weighted Average Cost of Capital. The weighted average cost of capital (WACC) is a calculation of a firm’s cost of capital in which each category of capital is proportionately weighted.
Q2. In balance B/F, ‘B/F’ stands for?
Ans. In balance B/F, ‘B/F’ stands for brought forward. At the beginning of a new journal page, the opening balance is quoted from the previous page, this balance dragged from the previous page is termed as “Balance B/F”.
Q3. Short form for ‘Transaction’ is _____.
Ans. Short form for ‘Transaction’ is TXN. It is a completed agreement between a buyer and a seller to exchange commodities or financial assets.
Q4. ‘CF’ in Balance C/F stands for?
Ans. ‘CF’ in Balance C/F stands for carried forward. At the end of a journal page, debit and the credit balance is totaled and carried forward to the next page, this balance shifted from the current page to the subsequent page is termed as “Balance C/F”
Q5. SEC stands for _____ & Exchange Commission
Ans. SEC stands for Securities & Exchange Commission. The U.S. Securities and Exchange Commission (SEC) is a federal government regulatory agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation.
Q6. TDS stands for Tax Deduction _____.
Ans. TDS stands for Tax Deduction at Source. It is used to collect tax at the source from where an individual’s income is generated.
Q7. T&E stands for _____ Expenses
Ans. T&E stands for Travel & Entertainment Expenses. It is the cost incurred by a company’s employee when on a business trip or any expenses made for business purposes.
Q8. ‘BD’ in Balance B/D stands for?
Ans. ‘BD’ in Balance B/D stands for Brought Down. It is the balance brought down as the opening balance of a ledger pulled from the previous accounting period.
Q9. ACCA stands for Association Of Chartered _____ Accountants
Ans. ACCA stands for Association Of Chartered Certified Accountants. It is a global professional body issuing international qualifications in business. It is recognized by member states of the European Union and the United Nations.
Q10. Expand Balance C/D
Ans. Balance Carried Down. It is the balance carried down as the closing balance of a ledger pushed to the next accounting period.
For Accounting Practice