1) A book containing accounts in which information from the books of first entry are posted as debits and credits. a) Accounts b) Financial statements c) Ledger d) Expenses 2) Legally binding obligations that are payable to another person or entity by an organisation. a) Equity b) Chart of accounts c) Balance sheet d) Liabilities 3) Money or assets invested in a business, and profits retained in a business a) Accounts b) Capital c) Income statement d) Ledger 4) Income a business earns from selling its goods and services a) Journal entry b) Revenue c) Liabilities d) Assets 5) Money paid out to keep the business running a) Expenses b) Journal entry c) Equity d) Income statement 6) The name given to any record made in the accounts a) Journal entry b) Balance sheet c) Revenue d) Financial statements 7) What is the term used for an item that can easily be converted into cash by a business a) Expense b) Current Liability c) Current Asset d) Revenue 8) A customer that owes the business money is termed as a ? a) Creditor b) Debtor c) Expense d) Revenue 9) The book that contains an account for all our suppliers who have given us a credit account a) Creditors Ledger b) Sales book c) Petty Cash book d) Debtors Ledger

Bookkeeping Terms

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