Acc Concepts

The person who starts a business is known as:

• The owner

• A debtor

• A creditor

• A business

People who owe the business money:

• Debtors

• Creditors

People to whom the business owes money to:

• Debtors

• Creditors

Money that the owner provides to start the business:

• Drawings

• Capital

• Owner's equity

• Transactions

Money that the owner takes for personal use:

• Drawings

• Capital

• Owner's equity

• Transactions

True or false:

Stationery is an expense to the business

• True

• False

Money used to make small payments

• Petty cash

• Cash float

Money kept in the cash register used for giving change to customers:

• Petty cash

• Cash float

Land and buildings is an example of a:

• Fixed asset

• Current asset

Current assets are expected to last:

• More than 12 months

• Less than 12 months