Accounting Basics Quiz

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Test de vocabulario contable en inglés

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Juan Jose Ramos Garcia

Colombia

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Accounting Basics Quiz


Accounting Basics QuizVersión en línea Test de vocabulario contable en inglés por Juan Jose Ramos Garcia 1 What is an Asset? a Money owed to others b Liabilities of the company c Expenses incurred by the company d Resources owned by a company 2 What does Liability mean? a Assets owned by the company b Owner's interest in assets c Revenue earned by the company d Debts or obligations owed 3 Define Revenue in simple terms. a Expenses paid to suppliers b Return on equity c Net income after taxes d Income generated from business activities 4 What is Expense? a Asset acquired b Revenue earned c Owner's equity d Costs incurred to operate a business 5 Balance Sheet shows which elements? a Cash flow details b Only assets c Only revenues and expenses d Assets, liabilities, and equity 6 What is Profit? a Total sales b Amount paid to taxes c Cash available now d Amount earned after expenses 7 Define Cash Flow. a Movement of cash in and out b Amount of cash on hand only c Profit after tax d Value of assets held 8 What is Journal in accounting terms? a Summary of annual profits b Inventory list c Bank reconciliation sheet d Book of original transaction entries 9 What does Inventory mean? a Goods available for sale b Intangible assets c Fixed assets d Cash reserves 10 What is a Ledger? a Book containing all accounts b A project plan c A single cash account d A list of customers 11 What is Accrual in accounting? a Recognition of income/expenses when incurred b Cash basis only c Delayed entries only d Immediate tax impact Explicación 1 Assets are resources owned by the company that have economic value. 2 Liabilities are obligations the company must settle. 3 Revenue is the income from normal business activities. 4 Expenses are the costs of running the business. 5 A balance sheet lists assets, liabilities, and equity. 6 Profit = revenue minus expenses. 7 Cash flow tracks cash movements. 8 The journal records each financial transaction at the start. 9 Inventory are goods a company has for sale. 10 Ledgers group all accounts in one place. 11 Accrual accounting records as incurred, not when cash moves.

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Accounting Basics Quiz

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Accounting Basics QuizVersión en línea

por Juan Jose Ramos Garcia

What is an Asset?

What does Liability mean?

Define Revenue in simple terms.

What is Expense?

Balance Sheet shows which elements?

What is Profit?

Define Cash Flow.

What is Journal in accounting terms?

What does Inventory mean?

What is a Ledger?

What is Accrual in accounting?

Explicación