Basic Accounting

Front

Which of the following item is not an asset: Bank overdraft, Motor Vehicle, Rent receivable, Inventories?

Back

Bank overdraft

Front

A Bank Loan is classified as a: Revenue, Expense, Asset, Liability

Back

Liability

Front

For every transaction, there should always have at least 2 effects. This is due to....

Back

Double Entry

Front

When the owner takes money out of the business's account it is termed as _________.

Back

drawings

Front

Which of the following items can be considered as assets?
Options:
Amount owed to others,
Owner's contribution,
Items of benefits to business operation,
Earnings of the business through its operation

Back

Items of benefits to business operation

Front

Example of a qualifiable information: workers' salary, frequency of sick leaves, location of business, credit terms

Back

location of business

Front

The accounting theory which explains on why professional ethics are not recorded in the business books.

Back

Monetary theory

Front

Assets which are purchased for the purpose of operating the business and not for resale are called

Back

Non-current Assets

Front

The person who owes money to the business is called a

Back

Trade receivable

Front

Darrell started a business for buying and selling of stationery with $40 000 as an initial investment. Of which he paid $10 000 for furniture, $5 000 for buying stationery items. The amount of capital will be

Back

$40 000