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Accounting Foundations: Bookkeeping with correct answers
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Accounting Foundations: Bookkeeping with correct answers
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Accounting Foundations: Bookkeepingbookkeeping - correct answer ✔✔routine, systematic method of accumulating financial information,
analyzing that information, inputting it into the accounting system
Income Statement - correct answer ✔✔Report on how much profit was earned in a given period
Statement of Cash Flows - correct answer ✔✔Report of cash inflow/outflow
Balance Sheet - correct answer ✔✔Listing of a company's assets
Revenue - correct answer ✔✔The amount of assets generated in doing business (cash, etc.)
Expenses - correct answer ✔✔The amount of assets consumed in doing business (rent, wages paid, etc.)
Net Income - correct answer ✔✔Net amount of assets generated by a business
Accounts Payable - correct answer ✔✔Amounts due to vendors or suppliers for goods or services
received that have not yet been paid for.
Notes Payable - correct answer ✔✔Long-term liabilities that indicate the money a company owes its
financiers—banks and other financial institutions as well as other sources of funds such as friends and
family. They are long-term because they are payable beyond 12 months, though usually within five years.
Journal Entry - correct answer ✔✔an accounting method for expressing the effects of a transaction on
accounts in a debits-equal-credits format
Compound Journal Entry - correct answer ✔✔A journal entry that is characterized by having multiple
debits and/or multiple credits
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