Other questions in this quiz

2. What are the two basic accounting concepts which apply to all business accounts?

  • Time and patience
  • Purchase and Sales
  • Business entity and Money measurement
  • Profit and loss

3. If I had cash and credit sales, who do I sell these to?

  • People
  • Trade Receivables
  • Trade Payables
  • Supplier

4. What's the accouting equation?

  • Income- Expenses= Profit
  • Assets-Liabilites=Capital
  • Assets + Liabilities= Capital
  • Liabilities- Capital = Assets

5. The set of double-entry accounts of a business is called the...?

  • Purchases
  • Ledger
  • Sales


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