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An Introduction to Accounting questions with actual answers.
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  • Accounting 101

An Introduction to Accounting questions with actual answers.

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  • August 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • an introduction to accounting questions with actua

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  • Accounting 101
  • Accounting 101

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42 Basic Accounting Terms questions
with actual answers.

Accounts Payable (AP) ANS - expenses that a business has incurred but has not yet paid.



Accounts Receivable (AR) ANS - include all of the revenue (sales) that a company has provided but has
not yet collected payment on.



Accrued Expense ANS - An expense that been incurred but hasn't been paid .



Asset (A) ANS - Anything that has monetary value.



Balance Sheet (BS) ANS - A financial statement that reports on all of a company's assets, liabilities, and
equity.



Book Value (BV) ANS - As an asset is depreciated, it loses value.



Equity (E) ANS - Equity denotes the value left over after liabilities have been removed.



Inventory ANS - Inventory is the term used to classify the assets that a company has purchased to sell
to its customers that remain unsold.



Liability (L) ANS - All debts that a company has yet to pay are referred to as Liabilities.



Cost of Goods Sold (COGS) ANS - Cost of Goods Sold are the expenses that directly relate to the
creation of a product or service.



Depreciation (Dep) ANS - Depreciation appears on the Income Statement as an expense and is often
categorized as a "Non-Cash Expense" since it doesn't have a direct impact on a company's cash position.

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