accountancy vocabulary
Authored by A. F.
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a liability?
An Asset
Money someone has to pay to my company
Money owed by a company
A loss incurred by a company
2.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
A (_______/_____) is a Financial Statement which lists all the assets and all the liabilities of a company on
one particular day, which is very often 31st December.
(a)
3.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
My liabilities are greater than my assets, therefore my company is (i (a) )
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This year the company made a net loss. This statement means that the company...
Made a surplus
Made a loss after all expenses were deducted
Made a profit before deductions
Made a loss before all deductions
5.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
The company had assets of £250,000 and liabilities of £150,000 so therefore it was (s (a) ) and the
balance sheet had a net worth of £100,000.
6.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
An I______/s________ is a Financial Statement which shows all the company’s sales and all of its costs,
for a period of time, which is normally a year and is often the year to 31st December.
(a)
7.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
D_____/E____ is the accounting system used all over the world. It was invented several centuries ago and
records every transaction twice (as a Debit and a Credit)
(a)
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