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Accounting Terminology questions with actual answers.
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Accounting Terminology questions with actual answers.

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  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting terminology questions with actual answe

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  • Accounting 101
  • Accounting 101

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Accounting Terminology questions with
actual answers.
Accounts Receivable ANS - The account that shows the total amount due from customers.



Accounts Payable ANS - The account that shows the total amount owed to creditors for the purchase of
goods or services by the business.



Assets ANS - Items of value owned by a business or a person.



Balance Sheet ANS - A formal financial statement that lists assets, liabilities, and personal equity (net
worth) at a specific date, also called a "statement of financial position".



Creditor ANS - A person of business that has extended credit or loaned money.



Debtor ANS - A person or institution that owes a sum of money.



Liabilities ANS - The debts of a business or a person.



Liquidity Order ANS - The order in which assets can be converted to cash.



Owner's Equity ANS - The owner's claim against the assets of the company.



Stakeholders ANS - Anyone who has a vested interest in the business.



A person, group, organization, or system who affects or can be affected by an organization's actions.



Business Entity Principle ANS - Says that each business is considered a deeper are unit or entity, and the
financial data for the business must be kept seperate from the owner's personal financial data.

, Cost Principle ANS - Says that assets must be shown on the balance sheet using the cost of their
acquisition or construction.



Maturity Date ANS - The date when liabilities are due to be paid; liabilities are listed on the balance
sheet according to their maturity date.



Sole Proprietorship ANS - A business owned by 1 person, who is legally responsible for all its debts and
legal obligations.



Partnership ANS - A business owned by 2 or more people.



Corporation ANS - Has legal existense of its own. It is seperate from its owners, so it had the right to sue
and be sued.



Ownership is divided into shares/stocks that can be purchased by many.



Service ANS - Sells intangible goods such as Internet access, repair services, business consulting, or
entertainment.



Merchandiser ANS - Sells tangible product such as clothes, appliances, furniture, sports equipment to a
customer.



Manufacturer ANS - Makes a product.



A company that produces a tangible product for a customer.



Fiscal Period ANS - The period of time covered by financial statements.



IFRS ANS - (International financial reporting standards).

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