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Terminologies in accounting

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  • Capital is also called as
    Owners equity
  • Financial position means.......
    Assets and liability position of the company
  • What you own are called as
    Asset
  • Trade receivable and accounts receivable is the same
    correct
  • Customer returned goods that are already purchased are called as
    sales return
  • Balance sheet shows the
    financial position of the business
  • Another term for account payable
    Creditor/Trade payable
  • What is called as purchase return?
    We have returned goods to supplier
  • What is called as book keeping
    Detailed recording of all the financial transactions of a business
  • Another term for Debtor?
    Trade receivable
  • Trade payable and account receivable is the same
    incorrect
  • Accounting equation is also called as
    Balance sheet equation
  • What are called as inventory?
    Goods purchased for resale
  • What you owe are called as
    Liability
  • Double entry means 6 entries in accounting books
    incorrect
  • Which transaction are called as credit transaction?
    Payment made on a future date
  • What are called as non current assets?
    Assets purchased by the business to keep it for long time and have high life span
  • When you see cheque in business transaction you will consider it as
    bank
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