Accounting Basics Quiz

Accounting Basics

Profit is the surplus of income over expenses.
Accrual Basis of Accounting records actual cash receipts and actual cash payments.
Bad Debts represent an amount that is not recoverable from a customer.
Entity Concept states that accounts must be honestly prepared and disclose all material information.
Goods are commodities that a trader deals in.
Trademark represents a business's reputation valued in terms of money.
AS-3 (Accounting Standard 3) is used to prepare the profit and loss account and cash flow statement.
Conservatism is the principle that advocates for the immediate recognition of losses.
Folio is a brief explanation of an accounting entry.
Transaction is an exchange of things or services between two parties.

Accounting Concepts and Principles

Bookkeeping is a component of accounting, not the same thing.
Conservatism means following the safe side or being cautious.
Double Entry System is based on the "Dual Aspect" concept.
A Bank Overdraft is considered an asset for the business.
Solvent Person is someone whose assets exceed their liabilities.
Cash Discount is recorded in the books of accounts.
Transaction involves money or money's worth.
Accounting is considered the language of business.
Accounting was done by business owners in earlier times.
Bookkeeping is not sufficient to find out all tax liabilities.

Further Accounting Information

Accounting is not solely for the owner's benefit; it is essential for various stakeholders.
Bookkeeping involves art and science.
Bills Payable represents a liability for the business, not an asset.
Bookkeeping and Accounting record both monetary and non-monetary transactions.
Fixed Assets are those that provide long-term benefits to the business.

Essential Accounting Terms

Revenue is the income generated from business transactions.
Gross Profit is the excess of gross profit over operating expenses.
Expense is an expenditure that is revenue in nature but benefits the business for more than one year.
Discount is a reduction from the list price of goods offered by the seller.
Creditor is a person to whom the business owes money for goods or services.

Parts of Speech

Nouns name people, places, things, or ideas. Examples include dog, city, table, and happiness.
Pronouns are substitutes for nouns. Examples include he, she, it, they, and we.
Verbs express actions or states of being. Examples include run, sing, sleep, and be.
Adjectives describe nouns. Examples include red, happy, big, and beautiful.
Adverbs modify verbs, adjectives, or other adverbs. Examples include quickly, happily, very, and extremely.
Prepositions show relationships between nouns/pronouns and other words. Examples include on, in, under, and over.
Conjunctions connect clauses or sentences. Examples include and, but, or, and so.
Interjections express emotions. Examples include ouch, wow, and oh no.

Tenses

Present Tense describes actions happening now. Examples include He runs and She is singing.
Past Tense describes actions that happened before. Examples include He ran and She was singing.
Future Tense describes actions that will happen later. Examples include He will run and She will be singing.

Sentence Structure

Simple sentences have one independent clause.
Compound sentences have at least two independent clauses joined by a coordinating conjunction.
Complex sentences have one independent clause and at least one dependent clause.
Compound-complex sentences have at least two independent clauses and one or more dependent clauses.

Punctuation

Periods, commas, semicolons, quotation marks, and apostrophes are used for various purposes in writing.

Genres

Fiction includes novels, short stories, and other imaginative works.
Poetry encompasses various forms, such as sonnets, free verse, and haikus.
Non-fiction includes essays, memoirs, biographies, and factual accounts.

Elements of Fiction

Plot is the sequence of events in a story, typically including exposition, rising action, climax, falling action, and resolution.
Character refers to the individuals in a story, including their development, relationships, traits, and motivations.
Setting establishes the time and place where the story unfolds.
Theme is the central idea or message of the story.
Point of View determines the perspective from which the story is told, such as first-person, second-person, or third-person.

Techniques in Fiction

Show, don't tell involves using imagery and sensory details to create vivid descriptions.
Dialogue enhances character development and moves the plot forward through conversations between characters.
Voice is the unique style that reflects the author's personality and writing choices.

Elements to Analyze in Literature

Theme involves understanding the overarching message or concept conveyed by the text.
Character Analysis focuses on the protagonist, antagonist, and other characters, examining their development and motivations.
Setting involves analyzing how the time and place influence the story and character behavior.
Plot Structure examines the narrative arc, pacing, and how events unfold.
Literary Devices include identifying and analyzing the use of symbols, metaphors, irony, foreshadowing, and other techniques.

Critical Approaches to Literature

Historical Criticism examines the work within the context of the time period when it was written.
Psychological Criticism focuses on exploring character motivations and the underlying psychology of characters.
Feminist Criticism examines gender roles, representation, and power dynamics in the text.
Marxist Criticism analyzes the text through the lens of class struggles and economic influences.

Context in Literature

Author's Background and literary influences help understand the author's perspective and potential motivations.
Cultural and Historical Context of the work provides an understanding of the societal norms, beliefs, and events that shaped the story.
Reception and Impact of the work on literature and society illustrates its influence and significance.

Writing Analysis

Thesis Statement is a clear argument or interpretation of the text, acting as the central claim of the analysis.
Evidence involves using quotations and examples from the text to support the thesis statement.
Conclusion summarizes the analysis and explains the implications of findings, tying together the main arguments.

Accounting Basics Quiz

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Questions and Answers

Surplus of income over expenses is known as ______.

In basis of accounting, actual cash receipts and actual cash payments are recorded using ______.

Amount which is not recoverable from customer is known as ______.

Accounts must be honestly prepared and must disclose all material information, referred to as the ______ Concept.

A commodity in which a trader deals is known as ______.

______ means a reputation of a business valued in terms of money.

The immediate recognition of loss is supported by the principle of ______.

An act of exchange of things or services between two parties is termed as a ______.

Kud'ikss'ä kormel' nin' vib't' s'rakshan?

Adjective sana: 'red' bulo ävks'ö mod without any form.

Kud'ikss'ä vir' tenses?

Kotän' kormel' kuj' sto __________.

Kud'ikss'ä loda kormelbön grammer'ö?

Match the following literary elements with their definitions:

In'kaddi t'amka, fëllz to'po nen moremte.

Kud'ikss'ä vir' interjections?

Study Notes

Accounting Basics

Accounting Concepts and Principles

Further Accounting Information

Essential Accounting Terms

Parts of Speech

Tenses

Sentence Structure

Punctuation

Genres

Elements of Fiction

Techniques in Fiction

Elements to Analyze in Literature

Critical Approaches to Literature

Context in Literature

Writing Analysis

Studying That Suits You

Description

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