Terminologies Used In A Company Account - SS2 Accounting Past Questions and Answers - page 1
1
What is equity?
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A
The income generated by a company from its sales of goods or services
B
The gradual decrease in value of an asset over time
C
The amount of revenue left over after all expenses have been paid
D
The value of the company that is owned by shareholders
2
Which financial statement shows a company's assets, liabilities, and equity at a specific point in time?
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A
Income statement
B
Cash flow statement
C
Balance sheet
D
Profit and loss statement
3
What are expenses?
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A
The costs incurred by a company in order to generate revenue
B
The income generated by a company from its sales of goods or services
C
The obligations that a company owes to others
D
The resources that a company owns or controls that have a monetary value
4
What is amortization?
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A
The gradual decrease in value of an intangible asset over time
B
The gradual decrease in value of a tangible asset over time
C
The increase in value of an asset over time
D
The process of evaluating a company's financial records and processes
5
What is depreciation?
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A
The gradual increase in value of an asset over time
B
The gradual decrease in value of a tangible asset over time
C
The process of evaluating a company's financial records and processes
D
The gradual decrease in value of an intangible asset over time
6
What is the difference between revenue and profit?
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