Accounting terminology

Question 1

Fixed assets:
Property/building
Computers/ tablets/digital gadgets
Bakkie/ car/ delivery man

Answer 1

Land and buildings
Equipment
Vehicle

Question 2

Current assets:
Cash/ funds
Change in the till

Answer 2

Bank

Cash float

Question 3

Owner ‘gives’ funds to the business

Answer 3

Capital

Question 4

Owner ‘takes’ business funds for personal use

Answer 4

Drawings

Question 5

Operating income :
Current income
Rent income
Receive as a ‘gift’

Answer 5

We render a service
We have a tenant
Donation income

Question 6

What a business uses to render a service eg. Shampoo at a hairdresser

Answer 6

Material costs

Question 7

Our business exist and trades legally

Answer 7

Trading license

Question 8

Weekly employees

Answer 8

Wages

Question 9

Invoie book, pens, printing paper

Answer 9

Stationery

Question 10

Landline phone calls

Answer 10

Telephone

Question 11

Government service

Answer 11

Water

Question 12

Government charge on property

Answer 12

Rent expense

Question 13

Eskom service

Answer 13

Electricity

Question 14

Fix broken windows, shelves etc.

Answer 14

Repairing

Question 15

Carrier bags at

Pick n Pay

Answer 15

Packing material

Question 16

Safety future precaution on property or vehicles etc

Answer 16

Insurance

Question 17

Coffee, tea, milk etc.

Answer 17

Refreshments

Question 18

Stamps, parcels etc.

Answer 18

Postage

Question 19

Monthly employees

Answer 19

Salaries

Question 20

Maintenance or repairs for our vehicles

Answer 20

Vehicle expense

Question 21

We are the tenant

Answer 21

Rent expense

Question 22

Promoting our product or business

Answer 22

Advertisement

Question 23

Cleaning materials

Answer 23

Consumables

Question 24

When we give away stock or cash

Answer 24

Donation expense