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Accounts
Game Code: 324391
English
24
Public
Account Types
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Evendor
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What is a definition of an asset?
Assets are resources owned by an organization
5
What is a liability defined as?
economic obligations or payables of the business
5
Capital is only considered as money invested in the business? True or False
False
5
A loan that was taken out for 5 years requires a portion to be paid at the end of a 3 month period. Is this an example of a non-current liability?
No
10
A mortgage is classed as a what?
Long term liability
10
Which type of account contains information on people and firms?
Personal Accounts
10
Which class of account contains only possessions of the business?
Real Accounts
15
Which class of accounts contains income and expenses?
Nominal Accounts
15
What is an expense?
Money paid out as part of operational costs
10
What is revenue?
additional source of income to the organization that may not be apart of its regular trading activity
10
Give 3 examples of an expense
rent , salary expense, insurance etc.
15
Two examples of revenues
Rent received, Discounts received
10
Give 2 examples of an Asset
Car, Machine, Equipment
10
What is the accounting equation?
Assets= Capital + Liabilities
5
How do you find Capital?
Assets - Liabilities
10
A sole trader has unlimited liability. True or False
True
5
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