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Exam (elaborations)

Book Keeping Study Guide with Complete Solutions

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  • Book Keeping

Book Keeping Study Guide with Complete Solutions Account - Answer️️ -a record of financial transactions that are similar in terms of a given frame of reference such as purpose objective or source. accounting period - Answer️️ -a period of time for which financial statements are prepare...

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  • September 13, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Book keeping
  • Book keeping
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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM



Book Keeping Study Guide with
Complete Solutions


Account - Answer✔️✔️-a record of financial transactions that are similar in terms of a

given frame of reference such as purpose objective or source.


accounting period - Answer✔️✔️-a period of time for which financial statements are

prepared

accounts payable - Answer✔️✔️-unpaid balances or invoices againt an internal fund

which are owed,

accounts receivable - Answer✔️✔️-amounts owed to internal funds

account codes - Answer✔️✔️-Are assigned numbers or codes to the individual accounts

so that every transaction is recorded for ease of reference in an organization accounting

records

accrual basis - Answer✔️✔️-recording of revenue and expenditures at the time of

revenue us earned or at the time an expenditure results in liability regardless of when

the actual cash receipt or disbursement occurs

assets - Answer✔️✔️-something of value that is owned by the entity

assets, current - Answer✔️✔️-cash and other assets readily converted into cash such as

accounts receivable inventory and some prepaid expenses




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