Exam (elaborations)
Bookkeeping Terms(questions with complete solutions)
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Bookkeeping Terms(questions with complete solutions)
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Bookkeeping TermsJournal - 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 ✔✔expenses associated with the operation of a business (lights on,
paying salaries)
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
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