Classification Of Accounts Quiz! Test

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| By Arshad.b.jumah
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Arshad.b.jumah
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Quizzes Created: 3 | Total Attempts: 1,617
| Attempts: 587 | Questions: 15
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1. Motor Vehicles

Explanation

Owned by business for long-term use.

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About This Quiz
Classification Of Accounts Quiz! Test - Quiz

Dive into the 'Classification of Accounts Quiz! Test' to assess your understanding of key accounting concepts. This quiz covers various types of accounts including assets like cash, equipment,... see moreand motor vehicles, as well as expenses. It's perfect for learners looking to solidify their financial accounting knowledge. see less

2. Cash in hand

Explanation

Physical cash is something that the business owns

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3. Inventory

Explanation

Goods bought for resale by the business.

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4. Cash at bank

Explanation

Money kept in the bank account is owned by the business.

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5. Equipment

Explanation

Owned by business for long-term use.

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6. Interest income

Explanation

Earnings calculated as a percentage of money kept in the bank.

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7. Salaries

Explanation

Payments (of $) to be made to workers in the business.

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8. Trade payables

Explanation

Owings by the business to the supplier. Business will pay supplier in future.

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9. Rent

Explanation

Recurring payments for renting (using) a place.

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10. Sales revenue

Explanation

Selling price of the goods sold to customers.

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11. Trade receivable

Explanation

Owings by customers to the business. Business will receive $ from customers in future.

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12. Discounts allowed

Explanation

Given to credit customer (debtor/trade receivables) by business to encourage early payment of cash. Given at the point of payment.

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13. Cost of sales

Explanation

Cost price of the goods sold. Recorded only when the business sells the goods.

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14. Discounts received

Explanation

Given by credit supplier (creditor/trade payables) to business to encourage early payment of cash. Given at the point of payment.

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15. Stationery

Explanation

As the value of stationery is low, it is classified as an expense instead. [Materiality concept]

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  • Mar 21, 2023
    Quiz Edited by
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  • May 26, 2016
    Quiz Created by
    Arshad.b.jumah
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Motor Vehicles
Cash in hand
Inventory
Cash at bank
Equipment
Interest income
Salaries
Trade payables
Rent
Sales revenue
Trade receivable
Discounts allowed
Cost of sales
Discounts received
Stationery
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