Accountancy Terms

12 Questions | Total Attempts: 77

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Accounting Quizzes & Trivia

Terms used in Accounts and book keeping


Questions and Answers
  • 1. 
    What is credit?
    • A. 

      Money charged when you borrow

    • B. 

      The amount of money in an account

    • C. 

      When money is added to an account or available to spend

    • D. 

      A bill for goods and services

    • E. 

      Money taken by the government

  • 2. 
    What is debit?
    • A. 

      Evidence that a transaction has occurred

    • B. 

      When money is removed from an account or is owed

    • C. 

      When money is added to an account or available to spend

    • D. 

      Money charged when you borrow

    • E. 

      Goods and Services Tax

  • 3. 
    What is income?
    • A. 

      Money that is coming into a business or account

    • B. 

      When people come into your business

    • C. 

      Money charged when you borrow

    • D. 

      The amount of money in an account

    • E. 

      A bill for goods and services

  • 4. 
    What are expenses?
    • A. 

      Evidence that a transaction has occurred

    • B. 

      Money taken by the government

    • C. 

      Money coming into a business

    • D. 

      The costs

    • E. 

      Money charged when you borrow

  • 5. 
    What is tax?
    • A. 

      The money in an account

    • B. 

      Money coming into a business

    • C. 

      Goods and Services Tax

    • D. 

      Evidence that a transaction has occurred

    • E. 

      Money taken by the government

  • 6. 
    What is GST?
    • A. 

      The costs

    • B. 

      Goods and Services Tax

    • C. 

      Money charged when you borrow

    • D. 

      The money in an account

    • E. 

      General Services Time

  • 7. 
    What is a receipt?
    • A. 

      Money coming into a business

    • B. 

      Money in an account

    • C. 

      When money is available to spend

    • D. 

      When money is removed from an account

    • E. 

      Evidence that a transaction has occurred

  • 8. 
    What is an invoice?
    • A. 

      The costs

    • B. 

      Money taken by the government

    • C. 

      A bill for goods or services

    • D. 

      Money charged when you borrow

    • E. 

      A loud voice inside

  • 9. 
    What is a balance?
    • A. 

      The amount of money in an account

    • B. 

      Goods and services tax

    • C. 

      The amount of money made by a business

    • D. 

      Not spending more money than is in an account

    • E. 

      The amount of money that is owed

  • 10. 
    What is interest?
    • A. 

      An exciting show

    • B. 

      Money charged when you borrow

    • C. 

      When money is removed from an account

    • D. 

      Evidence that a transaction has occurred

    • E. 

      A bill for goods or services

  • 11. 
    What is profit?
    • A. 

      Money that is paid to the government

    • B. 

      A small chocolate eclair

    • C. 

      Money that is owed

    • D. 

      Money that coming into an account

    • E. 

      Money that is made by a business when the expenses have been taken out

  • 12. 
    What is a positive balance?
    • A. 

      When you owe money

    • B. 

      When you pay money to the government

    • C. 

      The profit you make from selling something

    • D. 

      When you have money in your account

    • E. 

      The heavy person on a see-saw