GAAP correct answers Generally Accepted Accounting Principles.
Rules to follow when preparing financial statements.
Developed by the Financial Accounting Standards Board FASB
Accounting Clerk correct answers •Record, sort, and file accounting information
•Often in one area such as cash, payroll, accounts receivable, accounts payable, inventory, or
purchases
•Involved with only a small portion of the total accounting responsibilities for the firm
Bookkeeper correct answers •Supervise the work of accounting clerks
•Assist with daily accounting work
•Summarize accounting information
•One to two years of accounting education and experience as an accounting clerk
Para-Accountants correct answers •Provide many accounting, auditing, or tax services
•Under the direct supervision of an accountant
•Two-year degree or significant accounting and bookkeeping experience
Controller correct answers Principle accounting office for company
Budget Analyst correct answers Analyzes an organization's accounting records to determine
financial resources required. Plans, analyzes, and prepares the organization's budget activities
according to previous budget figures and estimated revenue.
Accounts Payable Manager correct answers Manages all activities in the accounts payable
function.
Debit correct answers "The Destination" of money
, Sources that money can flow to:
Assets
Expenses
Dividends
Credit correct answers "The Source" of money
Sources that money can flow from:
Owner's Equity
Liabilities
Revenue
Assets correct answers Cash, Buildings, Amounts owed to you by others
(what the business owns)
Cash
A/R
Inventory
PPE
L&B
Investments
Goodwill
Expenses correct answers Paying a third party for a good/service they've provided
A Decrease in Owner's Equity
Dividends correct answers Distributing cash to owners
Equity (Owner's Equity) correct answers Where business owners give their cash to the business
Liabilities correct answers Amounts owed to creditors or suppliers
A/P
Loans Payable
Wages Payable
Taxes Payable
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