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Accounting 1
Accounting 2
Accounting 3
Accounting 4
Accounting 5
100
Assets=Liabilities+Owner's Equity
What is the accounting equation
100
Cash In Bank
What is Asset
100
Agree to pay them later
What is Accounts payable
100
Account Payable
What is Liability
100
Spmething accounts are grouped in
What is a Ledger
200
Financial record keeping system in which each transaction affects at least 2 accounts
What is Double Entry Accounting
200

What is bookkeeping?

Is keeping the record of the business.

200

Name another term for "Stock"

Inventory

200
Revenue
What is money earned from a service
200

What is the purpose of accounting?

Provide information that are useful for decision making.

300

Identify the accounting concepts.

"Separate the affairs of the owner from the business."

Accounting Entity

300
By something but agree to pay later
What is buy on account
300
Using personal things for your business
What is an investment
300

Name another term for "Debtor"

"Account Receivable"

300

List the function of accounting?

  • Control device
  • Accountability
  • Stewardship
  • Aids for decision making.
400

Classify users of accounting into Internal User.

Internal 

  • -Owner
  • -Manager
  • -Employes
400
Accounts Recievable
What is Asset
400

Name another term for "Creditors"

Account Payable

400

Identify the accounting concepts.

"Transactions are recorded at the cost that was purchased for."

Historical Cost.

500
Owner's Equity and Liabilities
What is credit or Right side
500

Classify users of accounting into External User

  • External 
  • -Bank
  • -Creditor
  • -Government
500
Sell something and agree to recieve money later
What is selling on account
500

Identify the accounting concepts.

"The life of the business is assumed to operate forever."

Continuity/Going concern.

500

Identify the accounting concepts.

"All transactions are recorded in their money value."

Monetary