Accounting Terms — Practice Quiz
NIOS · Class 10 · Accountancy
Try a 4-question quiz on Accounting Terms for NIOS Class 10 Accountancy: tap an answer to check it and see why. 74 questions in the full chapter test.
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Quick Quiz: Accounting Terms
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What is capital in accounting terms?
Which term is also called owner's equity?
What are drawings?
Which item is an asset?
Sample Questions
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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