Accounting Quiz

Which account is typically used for recording the money owed by customers?

• Payables Ledger Control Account

• Receivables Ledger Control Account

• Sales

• Inventory

What type of account is used to track the expenses related to company vehicles?

• Motor Vehicles

• Vehicle Expenses

• Machinery

• Equipment

Which account would be used to record the company's expenditure on advertising?

• Sales

• Office Expenses

• Advertising

• Web Fees

Where would a company record the financial transactions related to its bank overdrafts?

• Bank/Cash at Bank

• Bank Overdraft

• Petty Cash

• Deposit a/c

Which account is specifically designated for recording the wages paid to employees?

• Wages

• Machinery

• Office Expenses

• Loan

Which of the following is typically considered a business expense in bookkeeping?

• Capital

• Rent & Rates

• Rent Received

• Insurance

What category would the payment for the use of a building fall under in bookkeeping?

• Premises

• Postage

• Capital

• Insurance

Which of the following is considered a form of income in bookkeeping?

• Insurance

• Rent & Rates

• Rent Received

• Capital

Which account is used to record the depreciation of office equipment?

• Depreciation

• Office Equipment

• Office Expenses

• Accumulated Depreciation

What type of account is used to track the purchase of raw materials for production?

• Inventory

• Purchases

• Raw Materials

• Accounts Payable