Accounting Vocabulary Quizzes, Questions & Answers

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Essential Accounting Terms Explained Quiz

Enhance your understanding of Accounting Vocabulary through this focused quiz. It covers key terms and definitions essential for accounting professionals and students, helping to reinforce crucial concepts and terminology...

Questions: 5 | Attempts: 10 | Last updated: Aug 4, 2025

Sample Question 1
What is amortisation?

Writing off over a period of an asset or a liability

A method of increasing the value of an asset over time.

Allocating the cost of an intangible asset over its useful life.

The process of determining the value of an asset at a specific point in time.

Sample Question 2
What is depreciation?

A process where an asset increases in value over time.

The total cost of acquiring a non-current asset.

Systematic allocation of the cost or revalued amount of a tangible non-current asset over its useful life

An accounting method used to track daily expenses.

Sample Question 3
What is impairment?

Loss in value of an asset below its depreciated cost (e.g. spoilt inventory etc)

Loss in value of an asset due to market fluctuations (e.g. inflation or deflation).

The increase in value of an asset after its depreciated cost has been reached.

The value of an asset at the time of purchase before any depreciation occurs.