Intro to Accounts
the process of recording business transactions and managing such records is called
what is book-keeping
which book of original entry is used for small payments?
what is the petty cash book
things that the business owns are known as
what is an asset
which source document is usually printed in red?
what is a credit note
Another name for the trading profit and loss account is
what is an income statement
which book of original entry shows both cash and bank balances
what is the cash book
Mortgage is considered to be
what is a liability
which source document is used for small payments?
what is a petty cash voucher
what is another name for the statement of financial position?
what is a balance sheet
what is another name for the purchase day book?
what is the purchase journal
Which of the following is NOT an asset?
what is creditors
If a financial transaction is out of the ordinary, where is it recorded?
what is a correspondence
who are the users of accounting information who collects employees’ and business taxes
who are the Inland revenue
where would you find the expenses account?
what is the nominal account
another word for creditors is
what is accounts payable
when purchases are done on credit, which source document is issued?
what is an invoice
what is a skill or practice of maintain accounts and preparing reports to aid the financial control and management of a business.
what is accounting
which ledger shows the records of the supplier's personal accounts?
what is the purchases ledger
what type of asset is cash?
what is a current asset
who issues a debit note?
who is a purchaser/customer