A person who owes money to the business is a

A voucher in accounting is:

Opening stock is:

The value of goods remaining unsold at the end of the accounting year is called:

In accounting, Stock refers to:

Which discount is never shown in the accounting books?

Trade discount is usually given:

Operational loss arises from:

Loss occurs when:

Formula for income is:

Income refers to:

Which of the following is an example of gain?

Gain is:

Profit leads to an increase in:

Profit is generated from:

Profit is defined as:

Loan taken from bank is classified as:

Revenue receipts are shown on the:

Capital receipts are shown in the:

Revenue receipts are:

Which of the following is a capital receipt?

Capital receipts are:

Which expenditure increases the earning capacity of the business?

Depreciation on fixed assets is classified as:

Revenue expenditure is:

Capital expenditure is:

Expenditure is a wider term than:

Purchase returns should be:

When goods purchased are returned to the supplier, it is referred to as:

Capital is also known as:

Which of the following best expresses the accounting equation?

Capital refers to:

Guarantees given by a business are considered:

Amount due to suppliers for goods purchased on credit is called:

Which of the following best describes a contingent liability?

Wages payable are classified as:

Which liability is usually paid off within one year?

Which of the following is NOT a current liability?

Where are current liabilities shown in financial statements?

Which of the following is NOT a current asset?

Wasting assets refer to:

Current assets are defined as assets which:

Which of the following is an example of a fictitious asset?

Intangible assets are those which:

Which of the following is a fixed asset?

In accounting, how many accounts are affected by a business transaction?

Which type of transaction involves payment or receipt of cash at a future date?

When payment is made immediately after a transaction, it is called a:

Which of the following best defines a transaction in accounting?

What does business entity refer to in accounting?