Accounting Terms — Important Questions
NIOS · Class 10 · Accountancy
74 important questions from Accounting Terms for NIOS Class 10 Accountancy, with answers. Written for the board exams 2027.
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Important Questions from Accounting Terms
Which asset can be seen and touched?
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Tangible asset
Tangible assets have physical existence and can be seen and touched.
What does liability mean for a business?
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Obligations or debts payable by the business in future
Liabilities are the obligations or debts payable by the business unit in future.
Which term refers to money earned from regular business activity?
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Revenue
Revenue refers to the inflow of money or other assets from sale of goods or services or from the use of money.
What is expense?
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All costs incurred in earning revenue
Expenses are all costs incurred in earning revenue.
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