Exam (elaborations)
Bookkeeping Terms Questions and Answers 2024
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Exam of 3 pages for the course Bookkeeping at Bookkeeping (Bookkeeping Terms)
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Bookkeeping TermsJournal - answer Record of financial transaction from original documents ( checks,
receipts, invoices)
Chart of accounts - answer Acts like folders where specific transactions are placed
Assets - answer anything of value owned by a business
Liabilities - answer amounts owed by the business
owners equity or capital - answer investment of the owners, and accumulation of profit
or losses
Revenue - answer the value resulting from sales of goods or services over a period of
time
cost of goods sold – answer CGS cost of products sold by the business
operating expenses – answer expensis associated with the opperatin of a business
(lights on, paying saleries)
3 purposes of book keeping - answerRecord, classify, organize financial transaction
debit - answerincrease in assets decrease in liability
credit - answerdecrease in assets increase in liability
5 major types of accounts - answerassets, liabilities, income, expense, equity
Sales and Revenue - answerTop Line of the income Statement the money that comes
in from customers
profits, earning and income - answerBottom line of the income statement what is left
over from revenue after all the cost and expenses spent in generating that revenue are
subtracted.
Costs - answermoney spent making a product (materials and labor)
Expenses - answerMoney spent to develop it, sell it, account for it and manage the
whole process
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