History
Terminologies
Elements
Account Titles
100
Who created an alphabet with accounting?
The Phoenicians
100
The process of recording a transaction in a journal
Journalizing
100
What do you call the money you invest for a certain business?
Capital
100
What term refers to the amount received by the business.
Cash
200
Who invented the first bead and wire abacus?
Egyptians
200
It is a written report which quantitatively describes the financial health of a business
Financial Statements
200
What are the things you use or have to help your business and you?
Assets
200
This term refers to revenue / profits gained by providing services to customers.
Service Income
300
What is the origin of the term 'auditor'?
Accounting reports were given orally
300
It is where a transaction is recorded
Book of Accounts
300
What do you call the money you borrow to increase your assets?
Liabilities
300
What term refers to the amounts collectible that are covered by promissory notes
Notes Receivable
400
Who is the father of accounting?
Luca Pacioli
400
The systematic and chronological recording of daily business transactions
Bookkeeping
400
What element is the one that decreases your capital or current money?
Expense
400
What term refers to the obligations to suppliers for items bought and are not supported by promissory notes.
Accounts Payable
500
What terms relate to 'he owes' and 'he trusts'?
Debit and credit
500
It refers to the time period printed at the top of the financial statement
Accounting Period
500
What is the main reason for building or creating your business?(This is what you gain from your business)
Income
500
What term refers to the amounts collectible from customers or clients for goods sold / services rendered.
Accounts Receivable