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Bookkeeping Terms Question and answers already passed 2024

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Bookkeeping Terms Question and answers already passed 2024 Bookkeeping Terms, Accountancy, Coursera Intro to accounting (bookkeeping, Bookkeeping Ch 1-6 Journal - correct answer Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - correc...

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  • August 30, 2024
  • 56
  • 2024/2025
  • Exam (elaborations)
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Bookkeeping Terms, Accountancy,
Coursera Intro to accounting
(bookkeeping, Bookkeeping Ch 1-6
Journal - correct answer ✔Record of financial transaction from original
documents ( checks, receipts, invoices)


Chart of accounts - correct answer ✔Acts like folders where specific
transactions are placed


Assets - correct answer ✔anything of value owned by a business


Liabilities - correct answer ✔amounts owed by the business


owners equity or capital - correct answer ✔investment of the owners, and
accumulation of profit or losses


Revenue - correct answer ✔the value resulting from sales of goods or
services over a period of time


cost of goods sold - correct answer ✔CGS cost of products sold by the
business


operating expenses - correct answer ✔expensis associated with the
opperatin of a business (lights on, paying saleries)


3 purposes of book keeping - correct answer ✔Record, classify, organize
financial transaction

,debit - correct answer ✔increase in assets decrease in liability


credit - correct answer ✔decrease in assets increase in liability


5 major types of accounts - correct answer ✔assets, liabilities, income,
expense, equity


Sales and Revenue - correct answer ✔Top Line of the income Statement the
money that comes in from customers


profits, earning and income - correct answer ✔Bottom 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 - correct answer ✔money spent making a product (materials and
labor)


Expenses - correct answer ✔Money spent to develop it, sell it, account for it
and manage the whole process


Expenditures - correct answer ✔both cost and expenses become______
when money is actually sent to vendors to pay for them.


Orders - correct answer ✔are placed by a customer and do not have any
impact on the financial statement until the products are actually shipped at
that point shipment become sales

,Solvency - correct answer ✔Means having enough money in the bank to pay
your bills


profitability - correct answer ✔sales are greater than your cost and expenses


bookkeepers - correct answer ✔the record and keep track of business
transactions


accounting - correct answer ✔the process of recording classifying and
summarizing economic events through the preperation of finacial statement


Managers - correct answer ✔Users of accounting information that rely on it
to make business decitions


Fiscal year - correct answer ✔Most business owners operate on a calender
yearly basis but some choose to operate on a _______ _______ for reporting
purposes


Proprietorship - correct answer ✔a business with a single owner


Accrual - correct answer ✔A method of accounting based on when the
transaction actually happens, regardless of when cash changes hands


Balance sheet - correct answer ✔The financial statement that recognizes the
finacial postion of a copany at a specific point in time is known as a


Revenue - correct answer ✔the finacial value resulting from the sale of
products or services by a business

, Income statement - correct answer ✔another name for a profit and loss
statement is an


Net Profit - correct answer ✔when a total expense are subtracted from total
revenues that result in a positve number, what remains called


Financial Statements - correct answer ✔Reports prepared by companies that
represent the financial status of their business


Accounts payable - correct answer ✔when a business purchases
merchendice or raw material from supliers on credit the obliagtion to pay for
the purches at some date in the future is recorde as an


Accounts Receivable - correct answer ✔When a business records income
due on sales of products or services that will be collected at some point in the
future it is entered as


profitability - correct answer ✔Accrual accounting matches transactions both
the revenue and the expenses associated with the revenue it enable business
owners to more accuratly keep track of the businesses


corporations - correct answer ✔businesses that are given the right to exist by
an indivdiual state within the us


double entry - correct answer ✔The meathod of bookkeeping that makes
creates two entries for each transaction is known as


current assests - correct answer ✔Assets that can be cpnverted to cash
within the upcomng 12-moth period are know as

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