Accounting terms

Which of the following is an asset

• A) Machinery

• B) Purchases

• C) Sales return

• D) Interest received

Trade discount allowed

• A) is shown separately in books of accounts

• B) is not shown separately in books of accounts

• C) can be shown either separately or deducted from purchase cost

• D) None

Capital is

• A) External liability

• B) Internal liability

• C) Both external and internal liability

• D) Asset

A person to whom a firm owes money for purchase of goods is a

Bank overdraft is a _______ liability

Purchase is a revenue

• True

• False

Fall in the value of an asset due to its use is termed as.....

What is owner's equity? 

• The amount of money the owner's has
• The stock options 
• The assets 
• The assets minus the liabilities of a business 

Trade receivable is equivalent to:

• Debtors + Bills Receivable

• Debtors + Bills Payable

• Creditors + Bills Receivable

• Creditors +Bills Payable

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue