Exam (elaborations)
Bookkeeping chapter 1 Questions with correct Answers
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Bookkeeping chapter 1
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Bookkeeping chapter 1Liability - answer Debt owed to others
Fiscal year - answer Only 12 consecutive months for an accounting period
Bookkeeping - answer A process of recording business transaction in a set of books
Accounts payable - answer Debt owing to suppliers
Accounts receivable - answer Amounts going to the business from its customer
Account - answer A concise record of increase and decrease affecting a given financial
item
Accountant - answer One who
designs and maintains accounting systems, prepares financial statements and analyzes
and interprets Financial information
Accounting - answerThe process of interpreting and communicating the financial
information complied in the bookkeeping records
Accounting period - answerThe period of the time covered by the income statement
usually one year
Balance sheet - answerA financial statement of the assets, liabilities and owner equity.
Debit - answerThe accounting term that refers to the left side of the account
Donations - answerAn expense account to record contributions to charities and other
similar organizations
Expenses - answerThe cost of operating a business
Define GAAP - answerGenerally accepted accounting principles
What are the three forms of business organizations - answerProprietorship, partnership,
corporation
Source documents - answerBusiness documents that contain information supporting the
facts of a business transaction
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