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10
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Which type of account contains information on people and firms?
Personal Accounts
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eraser
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gift
Win 10 points!
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shark
Other team loses 15 points!
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banana
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seesaw
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gift
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fairy
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25
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thief
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5
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A sole trader has unlimited liability. True or False
True
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15
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Which class of account contains only possessions of the business?
Real Accounts
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5
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A partnership is easier to form than a company. True or False?
True
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5
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Capital is only considered as money invested in the business? True or False
False
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5
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What is the difference between a current and non-current asset?
A current asset is only expected to be useful to business for up to 1 year while a non current asset is used for more than a year
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10
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What is an expense?
Money paid out as part of operational costs
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5
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What is a definition of an asset?
Assets are resources owned by an organization
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10
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Give 2 examples of an Asset
Car, Machine, Equipment
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10
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How do you find Capital?
Assets - Liabilities
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5
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Materiality is a type of accounting concept? Yes or No
Yes
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10
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A mortgage is classed as a what?
Long term liability
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5
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When you rather understate profits rather than over state we call this...
Prudence
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thief
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gift
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fairy
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thief
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