Practice Types Of Accounts (4.7) - Mechanics and Terminology of Accounting Systems

Practise this section

10 questions

Flashcard drill
3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
Sign up to start the exercise
Quiz
4 questions · about 3 min · pass mark 70%. Hints available.
Sign up to start the quiz

6 sample questions

Question 1.
What type of account is a cash account?
Show hintHide hint
Think about what a cash account represents.
Question 2.
In a personal account, who is debited?
Show hintHide hint
Remember the rule for personal accounts.
3Question 3.
What type of account is a machinery account?
- Personal
- Real
- Nominal
Show hintHide hint
Remember, real accounts relate to physical assets.
4Question 4.
Nominal accounts are used to record which type of activity?
- True
- False
Show hintHide hint
Think about profit and loss tracking.
Question 5.
A company purchases a new vehicle for their deliveries. Identify and explain the accounting treatment of this transaction in terms of account types.
Show hintHide hint
Consider how the transaction affects the assets.
Question 6.
A service company pays its utility bills. How this transaction would reflect in accounts? Identify types and the rules applied.
Show hintHide hint
Focus on the expenses incurred and the accounting rules that apply.

6 more questions in this section. Enroll free to practise them all.