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Journal and Ledger

Quiz by Sushila Yadav

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40 questions
Show answers
  • Q1
    What type of account is accounts payable?
    Asset
    Expense
    Equity
    Liability
    30s
  • Q2
    Which type of account represents the owner's investment in the business?
    Liability
    Equity/Capital
    Asset
    Expense
    30s
  • Q3
    Which type of account represents the goods or services that a business sells to generate revenue?
    Asset
    Equity
    Liability
    Revenue/Incomes
    30s
  • Q4
    Which type of account represents the money owed to the business by its customers?
    Asset
    Accounts receivable
    Liability
    Equity
    30s
  • Q5
    Which type of account represents the money owed by the business for goods or services received?
    Accounts payable
    Liability
    Equity
    Asset
    30s
  • Q6
    Which type of account represents the cost of goods or services used in the production process?
    Expense
    Equity
    Liability
    Asset
    30s
  • Q7
    Which type of account represents the physical assets owned by a business?
    Equity
    Expense
    Liability
    Asset
    30s
  • Q8
    Which type of account represents the amount of money a business owes to its employees for wages and salaries?
    Asset
    Equity
    Liability
    Expense
    30s
  • Q9
    Which type of account represents the accumulated profits or losses of a business over time?
    Retained earnings/Reserves and Surplus
    Liability
    Equity
    Asset
    30s
  • Q10
    Which type of account represents the money borrowed by a company from a bank?
    Expense
    Liability
    Equity
    Asset
    30s
  • Q11
    What is a real account?
    An account that records drawings.
    An account that records the opening balance.
    An account that records revenue and expenses.
    An account that records assets.
    30s
  • Q12
    What is a personal account?
    An account that records drawings.
    An account that records revenue and expenses.
    An account that records the opening balance.
    An account that records transactions of individuals, organizations, or businesses.
    30s
  • Q13
    What is a nominal account?
    An account that records the opening balance.
    An account that records revenue, expenses, and gains or losses.
    An account that records transactions of individuals, organizations, or businesses.
    An account that records assets, liabilities, and owner's equity.
    30s
  • Q14
    Which type of account records revenue, expenses, and gains or losses?
    Real account
    Permanent account
    Nominal account
    Personal account
    30s
  • Q15
    Which type of account records assets?
    Personal account
    Permanent account
    Nominal account
    Real account
    30s

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