Accounting 1
What does REALOE stand for?
Revenue, Expenses, Assets, Liability, Owners Equity.
Within the structural architecture of the general ledger, and in accordance with the doctrinal principles governing the classification and placement of accounting entries, on which respective side of an individual ledger account are the abbreviations "DR" (Debit) and "CR" (Credit) conventionally situated for the purpose of recording and balancing financial transactions within a double-entry bookkeeping system?
DR = Left
CR = Right
What account is Account Payable in mean?
Liability.
Define producers?
Producers are the people who provide the good or services.
What are Assets?
An asset is a quantifiable economic resource under the ownership or effective control of a business entity, acquired as a consequence of prior transactions or events, and possessing the demonstrable capacity to generate, facilitate, or contribute toward the realization of future economic benefits, whether through direct revenue production, operational utility, conversion into monetary value, or enhancement of the organization's overall financial position. Such resources may manifest in tangible forms, including cash, inventory, property, plant, and equipment, or in intangible forms, such as patents, trademarks, and goodwill, provided they retain measurable value and are expected to provide economic advantages extending beyond the current accounting period.
When an asset increases, what happens to its nature?
Stays the same
What is the term for a business's expenses being greater than its revenue?
Loss
What does CEO stand for?
Chief Executive Officer.
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What is the accounting equation?
Assets = Liabilities + Owner's Equity
What is a debit?
An entry on the left side of an account.
What is opportunity cost?
The value of the next best option you give up when you make a choice.
What is a market?
A place where buyers and sellers exchange goods and services.
What is entrepreneurship?
The process of starting and running a business.
Which financial statement shows a business's income and expenses?
Which financial statement shows a business's income and expenses?
What is the purpose of a trial balance?
To check that total debits equal total credits.
What does "GDP" stand for?
Gross Domestic Product
What is a business's profit? (As in how you find out a business's profit)
Revenue minus expenses.
What is a liability?
A debt or obligation owed by a business.
What type of account is Rent Expense?
Expense Account
Within the procedural framework of double-entry bookkeeping, and with specific reference to the accounting convention governing the "F" (Folio) column of a general journal, which alphabetical notation is customarily inscribed in that designated space subsequent to the successful transference, posting, and cross-referencing of the recorded transaction data into the appropriate accounts of the general ledger?
L
What is the term for a market dominated by a few large businesses?
Oligopoly
What is a USP in business?
Unique Selling Proposition
What is a stakeholder?
Any person or group affected by a business's activities.