Income Statement
Balance Sheet
Words and Phrases
Accounting Cycle
Fun Facts
100
Revenue minus expenses.
What is net income or loss?
100
Assets minus liabilities.
What is equity?
100
The business of managing money.
What is finance?
100
The method of accounting that counts income and expenses when they are due to the business.
What is accrual accounting?
100
The shape that all credit cards must be in.
What is a rectangle? (The ISO 7810 standard defines this!)
200
Bills that the business paid in a particular period.
What are expenses?
200
Prepaid rent, cash and vehicles would fall under this category on a balance sheet.
What are assets?
200
The chief accountant for the company.
Who is the comptroller or controller?
200
The book that all transactions are originally recorded in, in chronological order.
What is the journal?
200
In 2015, he was the richest person in the world.
Who is Bill Gates?
300
What the business earned from the sale of goods and services in a particular period.
What is revenue?
300
Anything that can be converted into cash within one year.
What is a current asset?
300
The exercise of recording all the transactions that take place in a business.
What is bookkeeping?
300
The final book of entry, with transactions recorded by account, and according to whether they are a debit or credit.
What is the ledger?
300
In the absence of a statutory accounting standard-setting body, this organisation determines what constitutes Namibian GAAP.
What is the Institute of Chartered Accountants?
400
The cost of creating a product.
What is the cost of goods sold?
400
The measurement that shows how quickly a company can convert its assets into cash.
What is liquidity?
400
A formal document prepared in a specific format as outlined by a governing organisation.
What is a financial statement?
400
Any kind of financial event, such as a bill being paid, a sale being made.
What is a transaction?
400
The central bank of the Republic of Namibia
What is the Bank of Namibia?
500
Items in an income statement such as rent paid on time and payroll.
What are expenses?
500
The least liquid current asset.
What is inventory?
500
The assumption that the business will continue to operate.
What is the going-concern principle?
500
An entry that is created at the end of the period to match costs and expenses.
What is an adjusting entry?
500
The study of currency and the history of money.
What is numismatics?
M
e
n
u