Accounting Quiz

where do we show wages&salary ?

• trading credit side

• trading debit side

return outward is deducted from ?

• sales

• purchase

goods distributed as free sample will be shown in ?

• trading debit

• trading credit

in trading account we show expenses related to_______________

• factory
• factory expenses

goods distributed as free sample will be shown in ?

• trading debit

• trading credit

An Asset is:

• Refers to items that are owned

• Refers to amounts that are owed to others

• Refers to amounts earned

Equipment are an example of an/a ______?

• loan

• asset

• liability

• owners equity

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

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

• assets
• liabilities
• profit
• expenses

Accounting is referred to as the "language of ___________________."

• profit
• life
• accounting
• business