Accounting vocabulary

Double entry in accounting means there must be________ entries for every transaction?

• two

• Three

• six

• one

A general Leger/T) has a ______ and _______ side.

• cash receipt and debtors

• debit and payments

• debit and credit

• creditors and debtors

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

Equipment are an example of an/a ______?

• loan

• asset

• liability

• owners equity

water and electricity is an/a __________?

• credit

• asset

• expense

• income

rates and taxes are an/a ________?

• profit

• income

• VAT

• Expense

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

• assets
• liabilities
• profit
• expenses

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

• assets
• liabilities
• profit
• income

A detailed summary of a person's or a company's financial condition at a specific point in time, taking into account their assets, liabilities, etc.

• Equity

• Liquid assets

• Balance sheet

• Cash flow