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Accounting Basics Quiz

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Accounting Basics Quiz

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Test de vocabulario contable en inglés

Created by

Juan Jose Ramos Garcia
Juan Jose Ramos Garcia
Colombia

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Accounting Basics Quiz
 

Accounting Basics QuizOnline version

Test de vocabulario contable en inglés

by Juan Jose Ramos Garcia
1

What is an Asset?

2

What does Liability mean?

3

Define Revenue in simple terms.

4

What is Expense?

5

Balance Sheet shows which elements?

6

What is Profit?

7

Define Cash Flow.

8

What is Journal in accounting terms?

9

What does Inventory mean?

10

What is a Ledger?

11

What is Accrual in accounting?

Explicación

Assets are resources owned by the company that have economic value.

Liabilities are obligations the company must settle.

Revenue is the income from normal business activities.

Expenses are the costs of running the business.

A balance sheet lists assets, liabilities, and equity.

Profit = revenue minus expenses.

Cash flow tracks cash movements.

The journal records each financial transaction at the start.

Inventory are goods a company has for sale.

Ledgers group all accounts in one place.

Accrual accounting records as incurred, not when cash moves.

 
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