English For Accounting

A Method of Recording All Transaction for a Business in a Specific Format

• Balance Sheet

• Net Income

• Journal

• Expense

Explain the definition of accounting? Except

• The process of recording financial transactions pertaining to a business

• Accounting is a system of deadling with financial Information that provides information for decision-making

• The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.

• It involves the use of credit and debt, securities, and investment to finance current projects using future income flows.

Liability

• A Liability is anything that the business owes; any debts of the business. An obligation to settle a debt; money owed to someone

• A list of all employees and their wages

• Something that is legally owned by a person or company

• The balance of cash receipts minus cash payments over a given period of time

Why is Accounting Important? Except

• Accountability

• Budgeting

• Taxatation

• Financial Process

The Fundamental accounting equation states that: Except

• Assets = Liabilities ₊ Owners Equity

• Assets - Liabilities = Shareholders' Equity

• Assets + Liabilities = Shareholders' Equity

• Assets = Liabilities - Owners Equity

What are some Examples of Personal Liabilities? Except

• Credit Line

• Mortgage

• Credit Customer

• Credit Supplier

A list of all employees and their wages

• Balance sheet

• 
  Liquid assets

• Payroll

• Liability

Cash or something that is easily convertible into cash

• Balance sheet

• Liquid assets

• Expense

• Property

An accounting record where all business transactions are initially entered

• Balance sheet

• 
  Expense

• 
  Journal

• Net Income

Expense

• Money that is spent to purchase goods or services provided by someone else

• 
  An obligation to settle a debt; money owed to someone

• 
  Money remaining after all expenses and taxes have been paid

• Cash or something that is easily convertible into cash