a system of measurement and reporting of economic events based upon the accounting equation
What is accounting?
100
An itemized listing of the amount of all estimated revenue which a given business anticipates receiving, along with a listing of the amount of all estimated costs and expenses.
What is Budget?
100
When expenses exceed sales or revenues, i.e. goods or services are sold for less than their cost.”
What is Loss?
100
Where transactions are recorded as they occur
What is a Journal?
100
An accounting entry system that either decreases assets or increases liabilities; in general, it is an arrangement for deferred payment for goods and services.”
What is Credit?
200
The management of money, credit, banking and/or investments
What is finance?
200
A statement reporting all transactions in the accounts or the business.
What is Statement or Bank statement?
200
The expense of maintaining property (e.g., paying property taxes and utilities and insurance)
What is Operating Cost?
200
Net sales minus cost of sales
What is Gross Profit?
200
A book of accounts in which data from transactions recorded in journals are posted and thereby classified and summarized.”
What is a Ledger?
300
The business administration and technology class at KTC.
What is BAT class?
300
The difference between a businesses total revenue and its total expenses.
What is Net Income?
300
The primary documents used when forwarding an argument or making a presentation of fact.
What is Source Documents?
300
An itemized statement that lists the total assets and the total liabilities of a given business to portray its net worth at a given moment of time.
What is a Balance Sheet?
300
The amount of money that must be paid to take ownership of something
What is Cost?
400
The daily costs incurred in running and maintaining a business
What is Expense?
400
Any compensation provided to the employee above his regular pay.
What is benefits?
400
Is an event or happening that changes financial position and/or earnings.”
What is a transaction?
400
Discover or reveal (something) through examination. To think through.
What is Analyze?
400
Is total amount of money/sales before deductions.
What is Gross Income?
500
A companys long-term ability to meet all financial obligations
What is Solvency?
500
Is a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.”
What is Liability?
500
The value of a company, ownership or percentage of ownership in a company or items of value
What is Equity?
500
Is anything owned by an individual or a business, which has commercial or exchange value
What is Assets?
500
Is the excess/extra of revenues(money) over a given period of time