100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Accounting Terminology questions with actual answers. $9.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting 101
  4.  
  5. Accounting 101

Exam (elaborations)

Accounting Terminology questions with actual answers.
 6 views  0 purchase
  • Course
  • Accounting 101
  • Institution
  • Accounting 101

Accounting Terminology questions with actual answers.

Preview 2 out of 5  pages

Document information

  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting terminology questions with actual answe

Written for

  • Accounting 101
  • Accounting 101

Seller

avatar-seller
Professorkaylee

Content preview

Accounting Terminology questions with
actual answers.
Accounts Receivable ANS - The account that shows the total amount due from customers.



Accounts Payable ANS - The account that shows the total amount owed to creditors for the purchase of
goods or services by the business.



Assets ANS - Items of value owned by a business or a person.



Balance Sheet ANS - A formal financial statement that lists assets, liabilities, and personal equity (net
worth) at a specific date, also called a "statement of financial position".



Creditor ANS - A person of business that has extended credit or loaned money.



Debtor ANS - A person or institution that owes a sum of money.



Liabilities ANS - The debts of a business or a person.



Liquidity Order ANS - The order in which assets can be converted to cash.



Owner's Equity ANS - The owner's claim against the assets of the company.



Stakeholders ANS - Anyone who has a vested interest in the business.



A person, group, organization, or system who affects or can be affected by an organization's actions.



Business Entity Principle ANS - Says that each business is considered a deeper are unit or entity, and the
financial data for the business must be kept seperate from the owner's personal financial data.

, Cost Principle ANS - Says that assets must be shown on the balance sheet using the cost of their
acquisition or construction.



Maturity Date ANS - The date when liabilities are due to be paid; liabilities are listed on the balance
sheet according to their maturity date.



Sole Proprietorship ANS - A business owned by 1 person, who is legally responsible for all its debts and
legal obligations.



Partnership ANS - A business owned by 2 or more people.



Corporation ANS - Has legal existense of its own. It is seperate from its owners, so it had the right to sue
and be sued.



Ownership is divided into shares/stocks that can be purchased by many.



Service ANS - Sells intangible goods such as Internet access, repair services, business consulting, or
entertainment.



Merchandiser ANS - Sells tangible product such as clothes, appliances, furniture, sports equipment to a
customer.



Manufacturer ANS - Makes a product.



A company that produces a tangible product for a customer.



Fiscal Period ANS - The period of time covered by financial statements.



IFRS ANS - (International financial reporting standards).

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.49
  • (0)
  Add to cart