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Bookkeeping Terms Questions and Answers R179,85
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Bookkeeping Terms Questions and Answers
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  • Bookkeeping Terms

Bookkeeping Terms Journal - Answer- Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - Answer- Acts like folders where specific transactions are placed Assets - Answer- anything of value owned by a business Liabilities - Answer- amo...

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Document information

  • August 4, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • bookkeeping terms
  • journal
  • chart of accounts
  • liabilities
  • owners equity or capital
  • operating expenses
  • 5 major types of accounts
  • 3 purposes of book keeping

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  • Bookkeeping Terms
  • Bookkeeping Terms

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Freshy

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Bookkeeping Terms
Journal - Answer- Record of financial transaction from original documents ( checks,
receipts, invoices)

Chart of accounts - Answer- Acts like folders where specific transactions are placed

Assets - Answer- anything of value owned by a business

Liabilities - Answer- amounts owed by the business

owners equity or capital - Answer- investment of the owners, and accumulation of
profit or losses

Revenue - Answer- the value resulting from sales of goods or services over a period
of time

cost of goods sold - Answer- CGS cost of products sold by the business

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

3 purposes of book keeping - Answer- Record, classify, organize financial
transaction

debit - Answer- increase in assets decrease in liability

credit - Answer- decrease in assets increase in liability

5 major types of accounts - Answer- assets, liabilities, income, expense, equity

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

profits, earning and income - 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 - Answer- money spent making a product (materials and labor)

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

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

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