Accounting terms

Please choose the most appropriate answer for each sentence.
  • 1

    The customary manner in which a business analyzes and records its ..... is by first entering them into a journal.

  • 2

    Journal entries are entered in ..... order, meaning by date, with the earliest date first.

  • 3

    Once the transactions have been entered into the journal they are ..... or transferred into their individual General Ledger accounts.

  • 4

    All ..... increase with a debit entry and decrease with a credit entry.

  • 5

    Liabilities either have a credit or no ..... at all.

  • 6

    Capital accounts represent the owner's ..... worth in the business.

  • 7

    ..... accounts are accounts for your sources of business-generated income.

  • 8

    The ..... is the difference between what a business pays for an item wholesale and what the business sells it for retail.

  • 9

    An accounts payable ..... shows how much you owe each of your vendors.

  • 10

    Accounts ..... shows how much money your customers owe you.

Do you like our tests? Check out our shop!

We have ESL, TOEIC, TOEFL test compilations and much more!