Introduction to accounting – Q & A

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on June 18, 2021

Test your learning about ‘introduction to accounting’ chapter by answering 29 short questions given below. We suggest you try to answer each question yourself before clicking on the ‘see answer’ button.
If you find difficulty in answering these questions, read ‘introduction to accounting‘ chapter thoroughly from explanation section of the website.

1. Define accounting.

2. What is book-keeping?

3. Define business.

4. What is a business transaction?

5. Who is a proprietor?

6. What is capital?

7. What are drawings?

8. What are assets?

9. What are liabilities?

10. What is an account?

11. What is separate entity concept?

12. What is trade discount?

13. What is cash discount?

14. What is a voucher?

15. What is cash system of accounting?

16. What is accrual system of accounting?

17. What is an invoice?

18. What is single entry system of book-keeping?

19. What is double entry book-keeping?

20. What is an expense?

21. What are current assets?

22. What are fixed assets?

23. What is meant by tangible assets?

24. What is meant by intangible assets?

25. What is a transaction?

26. What is a cash transaction?

27. What is a credit transaction?

28. What is meant by external transaction?

29. What is internal transaction?

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