Accounting 1
Accounting 2
Accounting 3
Accounting 4
100
what is a creditor
a business that loaned or credited money to another person/ business
100
what side does the assets go on a balance sheet?
Left
100
What is Accounts Payable?
Amount owed to creditors after the purchase of goods or businesses
200

an item of value owned by a business or a person

What is an asset

200
What side does the liability and owners equity go on a balance sheet?
right
200

Difference Between Bookkeeping and accounting?

Bookkeeping is recording the information, while accounting is controlling and analyzing the financial information

200
What is an accounting period?
Period of time covered by financial statements
300

What is a Balance sheet?

A snapshot of a firm’s financial position on a specific date.

300
What is accounts Receivable?
Total amount due from borrowers usually within 30 days
300
What is owners equity?
Owners claim against the assets of the company after paying all debts
300

3 Areas of Accounting

1.Managerial, 2.Financial and 3. Tax

400

What is the fundamental accounting equation?

Assets= liability + owners equity

400

What is a trial balance?

A summary of all the financial data in the account ledgers that ensures the figures are correct and balanced.

400

The ease with which an asset can be converted to cash.

What is liquidity?

400
What is a liability?
The debts of a business or a person
500

Who is the intended audience for Managerial, Financial and Tax accounting areas?

Internal, External, Government

500

What is a ledger?

An accounting book or computer program in which information from the accounting journals is categorized and posted to specific accounts for managers to view.

500

Tracks money coming into and going out of the firm

What is a statement of cash flows?

500

What are the assets types?

1.Current, 2.Fixed and 3. Intangible

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