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Grade 11 Accounting Exam questions with actual answers.
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Grade 11 Accounting Exam questions with actual answers.
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Grade 11 Accounting Exam questionswith actual answers.
accounting ANS - provides information on a business' financial position through collecting, recording,
organizing, reporting, and analyzing to measure the progress of the business
accountant ANS - develops and maintains accounting systems, interprets data, prepares reports, and
supervises other accounting employees as well as participate in management decisions
accounting clerk ANS - ensures transactions are properly recorded and supporting documents are
present and correct as well as carrying out routine calculations and banking transactions (same as book
keeper)
accounting cycle ANS - total set of accounting procedures that must be carried out each fiscal period
accounts receivable ANS - money owed to business by customers
accounts payable ANS - money a business owes to its creditors
asset ANS - anything owned with a dollar value and the type of account that is a prepaid expense really
audit ANS - examinations of accounting records and internal controls of a business to ensure accuracy
and proper procedures
balance sheet ANS - statement showing the financial position on a certain day
capital ANS - the difference between the total assets and total liabilities (also equity or net worth)
A-L=OE ANS - accounting equation
, corporation ANS - business owed by shareholders (limited company)
financial position ANS - status of a business represented by assets, liabilities, and equity
liability ANS - debt of an individual, business, organization
liquidity ANS - ease with which an assets can be converted to cash
manufacturing business ANS - buys raw materials, which are converted into new products and sold
retailer ANS - buys goods to resell them at a profit and is also known as a merchandising business
non-profit organization ANS - carries out social or charity work for no profit
partnership ANS - two or more people share in the ownership ad operation of a business
producing business ANS - produces materials from natural resources
public accountant ANS - offers professional services to the general public and may be hired by various
businesses or individuals
service business ANS - sells a service, not a product
sole proprietorship ANS - business where the equity belongs to one person only
source document ANS - original record of a transaction and includes cheque copies, invoices, and
receipts
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