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Accounting Terminology questions with actual answers.
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Accounting Terminology questions with actual answers.
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Accounting Terminology questions withactual answers.
Accounts Receivable ANS - The account that shows the total amount due from customers.
Accounts Payable ANS - The account that shows the total amount owed to creditors for the purchase of
goods or services by the business.
Assets ANS - Items of value owned by a business or a person.
Balance Sheet ANS - A formal financial statement that lists assets, liabilities, and personal equity (net
worth) at a specific date, also called a "statement of financial position".
Creditor ANS - A person of business that has extended credit or loaned money.
Debtor ANS - A person or institution that owes a sum of money.
Liabilities ANS - The debts of a business or a person.
Liquidity Order ANS - The order in which assets can be converted to cash.
Owner's Equity ANS - The owner's claim against the assets of the company.
Stakeholders ANS - Anyone who has a vested interest in the business.
A person, group, organization, or system who affects or can be affected by an organization's actions.
Business Entity Principle ANS - Says that each business is considered a deeper are unit or entity, and the
financial data for the business must be kept seperate from the owner's personal financial data.
, Cost Principle ANS - Says that assets must be shown on the balance sheet using the cost of their
acquisition or construction.
Maturity Date ANS - The date when liabilities are due to be paid; liabilities are listed on the balance
sheet according to their maturity date.
Sole Proprietorship ANS - A business owned by 1 person, who is legally responsible for all its debts and
legal obligations.
Partnership ANS - A business owned by 2 or more people.
Corporation ANS - Has legal existense of its own. It is seperate from its owners, so it had the right to sue
and be sued.
Ownership is divided into shares/stocks that can be purchased by many.
Service ANS - Sells intangible goods such as Internet access, repair services, business consulting, or
entertainment.
Merchandiser ANS - Sells tangible product such as clothes, appliances, furniture, sports equipment to a
customer.
Manufacturer ANS - Makes a product.
A company that produces a tangible product for a customer.
Fiscal Period ANS - The period of time covered by financial statements.
IFRS ANS - (International financial reporting standards).
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