Accounting Terms (Junior Cert Business Studies): Quizzes
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14 questions from this quiz
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Practise the questions
14 questions from this quiz
Which side of an account does the debit (Dr) represent?
Which side of an account does the debit (Dr) represent?
Left-hand side
Which side of an account does the credit (Cr) represent?
Which side of an account does the credit (Cr) represent?
Right-hand side
In general accounting, what does the debit side capture?
In general accounting, what does the debit side capture?
Expenses and assets
In general accounting, what does the credit side record?
In general accounting, what does the credit side record?
Income, gains, and liabilities
What is an asset in business accounting?
What is an asset in business accounting?
Something valuable the business owns
What are liabilities in business accounting?
What are liabilities in business accounting?
Debts or obligations the business owes
What are gains in business accounting?
What are gains in business accounting?
Additional income beyond regular sales
When do cash sales occur?
When do cash sales occur?
When customers pay immediately
What characterises credit sales?
What characterises credit sales?
Goods provided, payment received later
What are cash purchases?
What are cash purchases?
Immediate payment when goods received
How do credit purchases help businesses?
How do credit purchases help businesses?
By managing cash flow via delayed payment
What benefit does accounting software provide regarding errors?
What benefit does accounting software provide regarding errors?
Identifies mathematical mistakes
What is a stakeholder?
What is a stakeholder?
Anyone affected by business operations
What is social accounting?
What is social accounting?
Sharing info on ethical & environmental impact