Financial Accounting Revision Quiz

_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date.

___________________ is defined as a system of collecting, organizing, reporting and interpreting information about those financial transactions of a business.

Anything that has value which provides service to an organization is known as:

The total value used to start the business is called ______________.

Amounts owing to persons or other organizations is known as _______.

All of the following are internal users of accounting information except:

Which of the following are fixed assets?

Which of the following is a current asset?

Depreciation is

Diminishing balance method is proper for