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Bookkeeping chapter 1 Questions & Answers $9.49   Add to cart

Exam (elaborations)

Bookkeeping chapter 1 Questions & Answers

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  • Bookkeeping Chapter 1

Bookkeeping chapter 1 Liability - Answer- Debt owed to others Fiscal year - Answer- Only 12 consecutive months for an accounting period Bookkeeping - Answer- A process of recording business transaction in a set of books Accounts payable - Answer- Debt owing to suppliers Accounts rece...

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  • August 4, 2024
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  • Questions & answers
  • Bookkeeping chapter 1
  • Bookkeeping chapter 1
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Bookkeeping chapter 1
Liability - Answer- Debt owed to others

Fiscal year - Answer- Only 12 consecutive months for an accounting period

Bookkeeping - Answer- A process of recording business transaction in a set of books

Accounts payable - Answer- Debt owing to suppliers

Accounts receivable - Answer- Amounts going to the business from its customer

Account - Answer- A concise record of increase and decrease affecting a given
financial item

Accountant - Answer- One who
designs and maintains accounting systems, prepares financial statements and
analyzes and interprets Financial information

Accounting - Answer- The process of interpreting and communicating the financial
information complied in the bookkeeping records

Accounting period - Answer- The period of the time covered by the income statement
usually one year

Balance sheet - Answer- A financial statement of the assets, liabilities and owner
equity.

Debit - Answer- The accounting term that refers to the left side of the account

Donations - Answer- An expense account to record contributions to charities and
other similar organizations

Expenses - Answer- The cost of operating a business

Define GAAP - Answer- Generally accepted accounting principles

What are the three forms of business organizations - Answer- Proprietorship,
partnership, corporation

Source documents - Answer- Business documents that contain information
supporting the facts of a business transaction

Merchandise sale - Answer- A revenue account that is credited when merchandise is
sold, whether sold for cash, on account, or on debit/credit cards often called sales

How does proprietorship differ from partnership - Answer- Proprietorship is one
owner and partnership has two or more owners sharing the business

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