Basic Accounting Terms

IMPORTANT

Basic Accounting Terms: Overview

This topic covers concepts, such as, Liabilities, Assets related Accounting Terms, Expenditure and Expense and Costs related Accounting Terms etc.

Important Questions on Basic Accounting Terms

MEDIUM
IMPORTANT
Accountancy>Introduction to Accounting>Basic Accounting Terms> Q 1

Explain the meaning of gain and profit. Distinguish between these two terms.

MEDIUM
IMPORTANT
Accountancy>Introduction to Accounting>Basic Accounting Terms> Q 2

What do you mean by an asset and what are different types of assets?

MEDIUM
IMPORTANT
Accountancy>Introduction to Accounting>Basic Accounting Terms> Q 3

Define revenues and expenses.

MEDIUM
IMPORTANT
Accountancy>Introduction to Accounting>Basic Accounting Terms> Q 4

Distinguish between debtors and creditors; profit and gain.

MEDIUM
IMPORTANT
Accountancy>Introduction to Accounting>Basic Accounting Terms> Q 5

Give any three examples of revenues.