Book Keeping Study Guide with
Complete Solutions
Account - Answer️️ -a record of financial transactions that are similar in terms of a
given frame of reference such as purpose objective or source.
accounting period - Answer️️ -a period of time for which financial statements are
prepare...
Account - Answer✔️✔️-a record of financial transactions that are similar in terms of a
given frame of reference such as purpose objective or source.
accounting period - Answer✔️✔️-a period of time for which financial statements are
prepared
accounts payable - Answer✔️✔️-unpaid balances or invoices againt an internal fund
which are owed,
accounts receivable - Answer✔️✔️-amounts owed to internal funds
account codes - Answer✔️✔️-Are assigned numbers or codes to the individual accounts
so that every transaction is recorded for ease of reference in an organization accounting
records
accrual basis - Answer✔️✔️-recording of revenue and expenditures at the time of
revenue us earned or at the time an expenditure results in liability regardless of when
the actual cash receipt or disbursement occurs
assets - Answer✔️✔️-something of value that is owned by the entity
assets, current - Answer✔️✔️-cash and other assets readily converted into cash such as
accounts receivable inventory and some prepaid expenses
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