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Bookkeeping Terms Question and answers already passed 2024 Bookkeeping Terms & Knowledge Check Accounting Equation - correct answer Assets = Liabilities + Equity Assets - correct answer money and other valuables belonging to an individual or business Equity - correct answer Owner's ...

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  • 30 augustus 2024
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Bookkeeping Terms & Knowledge Check
Accounting Equation - correct answer ✔Assets = Liabilities + Equity


Assets - correct answer ✔money and other valuables belonging to an
individual or business


Equity - correct answer ✔Owner's stake in the business. How much they've
invested or withdrawn.


Liabilities - correct answer ✔what a company owes to others


Revenue - correct answer ✔Income earned through business, gross
proceeds, or sales


Expenses - correct answer ✔The cost of assets consumed or services used
in the process of generating revenues.


Accounts Payable - correct answer ✔money owed by a company to its
creditors.


Accounts Receivable - correct answer ✔Amounts to be received in the future
due to the sale of goods or services


Depreciation - correct answer ✔Spreading out the cost of an item over the
expected life of the item

,Balance Sheet - correct answer ✔a statement of the assets, liabilities, and
capital of a business or other organization at a particular point in time,
detailing the balance of income and expenditure over the preceding period.


Bank Reconciliation - correct answer ✔The process of comparing the bank's
account balance with the company's balance, and explaining the differences
to make them agree.


Bookkeeper - correct answer ✔Bookkeepers document transactions,
manage accounts, and record financial data.


Budget - correct answer ✔A forecast of revenue and expenses for a future
period of time


Cash Payments - correct answer ✔Cash receipts are the collection of
money, typically from a customer, which increases (debits) the cash balance
recognized on a business's balance sheet.


Cash Sales - correct answer ✔Cash sales refers to transactions where the
customer pays for the goods or services immediately with cash, check, or a
credit or debit card.


Confidentiality - correct answer ✔Clients entrust bookkeepers with very
sensitive financial information, and a business owner must be able to trust that
their bookkeeper will treat their data with the utmost care


Conflict of Interest - correct answer ✔When a person's individual interests
raise a question about their ability to act or make decisions or judgments
objectively

, Credits - correct answer ✔A monetary instrument directing the financial
institution to pay the bearer a specified sum of money


Current Assets - correct answer ✔items that can or will be converted into
cash within one year


Current Liabilities - correct answer ✔liabilities due within a short time, usually
within a year


Debits - correct answer ✔An increase in assets or expenses or a decrease in
liabilities, owner's equity, or revenue.


Financial Statements - correct answer ✔Financial statements refer to a set of
reports that show how a business is performing financially and all business
activities related to running the business.


Gross Profit - correct answer ✔Total revenue minus Cost of Goods Sold.


Honesty - correct answer ✔Owning any mistakes and doing everything you
can to fix them and being open and transparent with your client about the
state of their finance.


Invoice - correct answer ✔An invoice (sales invoice) is an itemized bill of
goods sold or services provided. Invoices usually carry terms to record credit
sales. If a business purchases supplies or raw materials from another
business, they might refer to the invoice received from the vendor or supplier
as a "purchase invoice."


Objectivity - correct answer ✔Never allowing another party to influence your
findings or letting personal bias get in the way of performing your duties.

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