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Accounting Concepts and Transactions

Accounting Concepts and Transactions

Assessment

Flashcard

Other

12th Grade

Practice Problem

Easy

Created by

Adele Curran

Used 1+ times

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

Ledger account likely to carry a debit balance

Back

The Owners Drawing’s account

2.

FLASHCARD QUESTION

Front

Foundation of the double-entry system of bookkeeping

Back

Dual Aspect Concept

3.

FLASHCARD QUESTION

Front

Transaction type: Purchase of goods for resale

Back

Revenue Expenditure

4.

FLASHCARD QUESTION

Front

Transaction type: Purchase of equipment for use in the business

Back

Capital Expenditure

5.

FLASHCARD QUESTION

Front

The owner of a business withdrew €1,500 from the business bank account for personal expenses.

Back

Process the transaction through the bank account and the drawings account.

6.

FLASHCARD QUESTION

Front

A business bank account was overdrawn, and interest was charged.

Back

Bank Statement

7.

FLASHCARD QUESTION

Front

VAT registration is voluntary unless the business's taxable turnover exceeds a certain threshold set by HMRC.

Back

VAT registration is voluntary unless the business's taxable turnover exceeds a certain threshold set by HMRC.

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