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Introduction to Bookkeeping questions with verified solutions
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Introduction to Bookkeeping questions with verified solutions
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Introduction to BookkeepingBookkeeping - correct answer ✔✔The process of recording business transactions
Service Business - correct answer ✔✔A business that performs for a service fee.
Account - correct answer ✔✔Is a record pertaining to a single item in the accounting equation that
summarizes all the information about the item.
Account title - correct answer ✔✔Refers to the name given to each account
Account balance - correct answer ✔✔Refers to the amount in each account
Transaction - correct answer ✔✔is any activity that occurs in the business that changes part of the
accounting equation (assets, liabilities or owners equity
Assets - correct answer ✔✔is anything of valued owned or used by the business
Liability - correct answer ✔✔Is what a business owes
Account payable - correct answer ✔✔The account used to summarizes money owed by a business
What is the Accounting Equation Formula - correct answer ✔✔Asset = Liability + Owner's Equity
Owner's Equity - correct answer ✔✔The part of the business that belongs to the owner of the business
Capital Account - correct answer ✔✔The account used to summarize owner's equity
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