ACCOUNTING
What is the purpose of accounting?
Identify, record and communicate financial information.
What are your presenter's names?
Joanna and Lisa
What is the purpose of accounts receivable?
To ensure we receive funds from customers who have purchased our goods and services
DOUBLE JEOPARDY: What is the purpose of accounts payable?
To process invoices from our suppliers and to pay off the company's obligations.
DOUBLE JEOPARDY: What does IFRS stand for?
International Financial Reporting Standards
What do accountants prepare in order to determine the financial position of a business?
Balance Sheet
What is the purpose of billing?
To ensure invoices are generated and sent to customers for goods and services.
What category on the balance sheet would accounts payable be listed under?
Liabilities
This involves conducting a financial examination of an organization's accounts.
Audit
Why is the fundamental accounting equation?
Assets - Liabilities = Owner's Equity
What category on the balance sheet would accounts receivable be listed under?
Assets
What category on the income statement would Accounts Payable affect?
Expenses
The balance sheet is made up of these 3 categories.
Assets, liabilities and Equity
DOUBLE JEOPARDY: Name a stakeholder interested in the company's financial position.
Banks, Canadian Revenue Agency, Shareholders
What category on the income statement would Billing affect?
Revenue
Suppliers are also referred to as ________.
Vendors
The income statement is made up these 2 categories.
Revenues and Expenses
Where is DP World's head quarter's?
Dubai
Accounts receivables that are not collected are recorded as _________ _____ _________ ________ on the balance sheet and results in an operating expense on the income statement.
Allowance for doubtful accounts.
PO is an abbreviation for ________ ________.
Purchase Order