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      MUST KNOW Accounting Terms 1 on QuizRevolution

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      MUST KNOW Accounting Terms 1
      myStudiyo Media
      MUST KNOW Accounting Terms 1
      Points for Question
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      UK accountants drive on the ______ side and overtake on the _____side of the road
       of players answered correctly.
      • Debit / Debit

      • Debit / Credit

      • Credit / Debit

      • Credit / Credit

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      1. UK accountants drive on the ______ side and overtake on the _____side of the road
        1. Debit / Debit
        2. Debit / Credit
        3. Credit / Debit
        4. Credit / Credit
      2. The busiest time for management / financial accountants is
        1. Week ends
        2. Month ends
        3. Evenings
        4. Lunchtimes
      3. Working for too long in accountancy can cause irreversible intellectual _____
        1. Shrinkage
        2. Impairment
        3. Failure
        4. Decline
      4. A facelift is a way accountants try and temporarily hide the unavoidable process of ______
        1. Decomposition
        2. Degeneration
        3. Depreciation
        4. Dilapidation
      5. A facelift that goes wrong may lead to an accountant facing a
        1. Write-off
        2. Turn-off
        3. Lights-off
        4. Month-off
      6. The system of accounting using equalling debits and credits is called
        1. Double-entendre
        2. Luck
        3. Double-entry
        4. Double-trouble
      7. The overall head of the accounting function is usually called
        1. The Financial Controller
        2. Sir
        3. The CFO or Finance Director
        4. Nigel
      8. The listing of all ledger balances in Dr and Cr columns with totals is called
        1. A miracle
        2. The 2nd wonder of the accounting world
        3. the Balance Sheet
        4. the Trial Balance
      9. If sales come in above budget the Management Accounts will flag it as
        1. a miracle
        2. proof yet again that Sales weave a good yarn
        3. a positive variance
        4. an error
      10. The mechanism for posting entries into the ledgers is called
        1. An Act of God
        2. A Journal
        3. An accounting minion
        4. A Proforma
      11. Tax accountants in the US drive on the ___ of the road
        1. Wrong
        2. Credit
        3. Debit
      12. The listing of signing limits for directors and employees of a company is usually found
        1. On the back of an envelope
        2. In the Delegation of Authority matrix
        3. To be out of date
        4. In the accounts

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