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1.Maiyyam - Intro_Finance & Accounts Flashcards | StudBud

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Credit sales results in

Credit Purchase results in

1.Maiyyam - Intro_Finance & Accounts

10 terms·StudBud Administration·263 plays

Session 1

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Questions 10

Answers

1
Credit Purchase results in
Sundry Creditors
Sundry Debtors
Share holder
Investor
2
Credit sales results in
Sundry Creditors
Sundry Debtors
3
Land is depreciable current asset
False
True
4
A company's obligations or debts are referred to as:
b) Expenditure
c) Liability
a) Capital
d) Profit
5
What is finance?
The process of recording, summarizing, and analyzing financial transactions
The practice of assessing the financial health of a company.
The process of managing and tracking expenses and revenues.
Study of money management and the process of acquiring and allocating funds
6
Which of the following represents the income earned from the primary activities of a business?
d) Debtors
c) Expenditure
a) Sales
b) Revenue
7
What is accounting?
Study of money management and the process of acquiring and allocating funds
The process of recording, summarizing, and analyzing financial transactions
The process of managing and tracking expenses and revenues.
The practice of assessing the financial health of a company.
8
What term is used to describe an "event involving money value "and "Two or more entities are involved" ?
a) Entity
d) Sales
b) Transaction
c) Liability
9
The owner's investment in a business is known as:
c) Expenditure
d) Gain
a) Capital
b) Revenue
10
Which of the following represents the economic Benefit of the entity and adds more value for running the business
c) Capital
a) Transaction
d) Revenue
b) Asset