DAXCIL

Question 1

What does DAXCIL stand for?

Answer 1

Debit Assets Expenses Credit Income Liabilities

Question 2

What are the 2 types of assets?

Answer 2

Current and Non-current

Question 3

Name 3 non-current assets.

Answer 3

Land and Buildings
Vehicles
Equipment

Question 4

Name 6 current assets.

Answer 4

Inventory(Stock)
Bank
Cash
Trade Receivables(Debtors)
Petty Cash
Cash Book

Question 5

Define expenses

Answer 5

Pay for often

Question 6

Name 6 expenses.

Answer 6

Salary
Wages
Water and Electricity
Fuel
Stationery
Rent expenses

Question 7

Name 4 incomes.

Answer 7

Sales
Rent income
Discount received
Commission received

Question 8

What are the 2 types of liabilities?

Answer 8

Current and non-current

Question 9

Name 2 non-current liabilities.

Answer 9

Long-term loans
Debentures

Question 10

Name 2 current liabilities.

Answer 10

Bank overdraft
Trade Payables(Creditors)

Question 11

Define capital

Answer 11

When owner invests money/assets into business

Question 12

Define drawings

Answer 12

When the owner takes stock/money out of the business