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Accounting 1
Accounting 2
Accounting 3
Accounting 4
100

an item of value owned by a business or a person

What is an asset

100
what is the business entity Principle
a)That all businesses should be a separate entity and financial data be kept separate b) record all data with mathematical accuracy
100

the order of the assets from the most to least likely to be converted to cash , is called

What is liquidity order?

100

What is a type of business that provides services for the good of society ?

a non-profit organization

200
what is a creditor
a business that loaned or credited money to another person/ business
200
What is a Balance sheet?
a)Financial statement that lists the assets, liabilities and owners equity b)Financial statement that lists the claims of the owners c)Financial Statement that lists the Debts a business owns d) all of the above
200
what side does the assets go on a balance sheet?
Left
200

an accounting principle that requires assets, liabilities, and equity investments to be recorded on financial records at their original cost

what is the cost principle?

300
What is the Personal net worth? or equation?
the difference between items owned and debts owed
300
What is owners equity?
Owners claim against the assets of the company after paying all debts
300
What side does the liability and owners equity go on a balance sheet?
right
300
What is a transaction?
the exchange of things of value
400
What is a liability?
The debts of a business or a person
400
What is accounts Receivable?
Total amount due from borrowers usually within 30 days
400

a) Due date of a liability b) The day the accounting period starts c) the date the accounting period ends

what is maturity date?

400
What is an accounting period?
Period of time covered by financial statements
500
What is the balance Sheet equation?
Assets= liability + owners equity
500
What is Accounts Payable?
Amount owed to creditors after the purchase of goods or businesses
500
Difference Between Bookkeeping and accounting?
Bookkeeping is recording the information, while accounting is controlling and analyzing the financial information