NCEA L2 Accounting - Correct Language, not money

NCEA L2 Accounting - Correct Language, not money

12th Grade

25 Qs

quiz-placeholder

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NCEA L2 Accounting - Correct Language, not money

NCEA L2 Accounting - Correct Language, not money

Assessment

Quiz

Business

12th Grade

Easy

Created by

Simon Murray

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resources owned by a business that have future economic value. Examples include cash, inventory, equipment, and property.
Drawings
Non-Current Liabilities
Assets
Current Assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debts or obligations owed by a business to external parties. Examples include loans, accounts payable, and accrued expenses.
Inventory
Liabilities
Profit Margin
Property, Plant, and Equipment (PP&E)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This represents the owner's claim on the company's assets and is calculated as assets minus liabilities.
Accounts Receivable
Equity
Drawings
Income Statement

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Withdrawals of cash or other assets made by the owner(s) of a business for personal use. Drawings are not considered expenses because they do not relate to the operation of the business. They are recorded as a reduction of the owner's equity in the business
Cost of Goods Sold (COGS)
Drawings
Assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The income generated from the sale of goods or services. It is typically recorded when it's earned, regardless of when the payment is received.
Revenue
Drawings
Allowance for Doubtful Debts
Net Profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The costs incurred in the process of generating revenue. Examples include salaries, utilities, rent, and supplies.
Bad Debts
Cost of Goods Sold (COGS)
Equity
Expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Also known as profit or earnings, a company's total revenue less total expenses over and cost of sales in a specific period.
Cash Flow Statement
Cash Flow
Non-Current Assets
Net Profit

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