Bookkeeping

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What is a Balance Sheet?

Back

A statement of the financial position of a business that states the assets, liabilities, and owners' equity at a particular point in time.

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What is a Merchandising Business?

Back

A type of business that engages in buying and selling of food products, such as grocery or convenience stores.

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What is a Purchase Receipt?

Back

A source document issued by the supplier acknowledging that full payment has been received from the customer.

Front

What is a Customer’s Delivery Receipt?

Back

The source document evidencing that goods have been delivered by the supplier to the customer.

Front

What is an Official Receipt?

Back

A source document which shows that the customer has already made partial payment to the supplier.

Front

What are Assets?

Back

Resources owned by a business that have economic value and can provide future benefits.

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What are Liabilities?

Back

Obligations or debts that a business owes to external parties.

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What is Owner’s Equity?

Back

The residual interest in the assets of the business after deducting liabilities; represents the owner's claim on the business.

Front

What is an Income Statement?

Back

A financial statement that summarizes the revenues and expenses of a business over a specific period, showing the net profit or loss.

Front

What is a Sales Invoice?

Back

A document issued by a seller to a buyer that outlines the products or services provided and the amount due.