Accounting (EMS): Early terms

What is accounting?

• recording financial information about a person or business.

• records profit and loss

• is something money makes when u buy or do something

• creates inflation and makes peoples life more difficult.

What type of people do accounting?

• Banks, Owners, SARS and builders

• SARS, banks, investors and manargers

• owners, teachers, people, employers.

What is the position an accountant holds between business and owner.

• Nothing

• They make a link

• They bring the money top each side easily

• they are not important

What's a retail business?

• buys finish goods from suppliers then re-sell for profit.

• makes things from scratch to create something better and good.

• none

• gives things for free and gives service to the community.

What's a service business?

• offers intangible(cannot be touched) things, sells at profit.

• easily given to society, is free and great for humans.

• makes things and sell then to businesses

• none

What is a manufacturing business?

• buys raw materials and make them finished goods and sell at profit.

• Buys finished goods and sells them at a profit.

• none

• makes things very expensive and never free when building an object then not selling

Accounting cycle

• Transactions, source document, journals, ledgers, trail balance and financial statements.

• Journals, source document, transactions, ledgers, trail balance and financial statements.

• Journals, source document, transactions, ledgers, finacial statement.

• read, put in order, sell then send to the owners.

what two cycle happens in a day?

• Transactions and source documents.

• financial statement and ledgers.

• journals and selling.

• none

What three accounting cycles happen in a month?

• journals, ledgers and trail balance.

• financial statement, source documents and transactions.

• journals, sells and documents.

What one accounting cycle happens in a year?

• financial statement.

• trail balance

• transactions

• none