TOPIC 13 - ACCOUNTING

What's the process of recording, classifying, and summarizing financial transactions?

• Accounting

• Human resources

• Advertising

• Marketing

......is the term refers to the financial statement showing a company’s assets, liabilities, and equity

What do we call obligations or debts a company owes to external parties?

• Revenue
• Liabilities
• Equity
• Assets

What is the term for adjustments made to financial statements to account for transactions not yet recorded?

• depreciation
• adjusting entry

• amortization
• revenue recognition

What is a list of all accounts used in the accounting system of a company?

• Chart of Accounts
• Trial Balance
• Financial Statement
• Account Ledger

What is the term for a reduction in the value of an asset over time, often due to wear and tear?

• inflation
• depreciation
• appreciation
• amortization

What term is used for the difference between total revenue and total expenses?

• net income

• cost
• loss
• revenue

What do we call the financial obligations expected to be settled within one year?

• Long-term liabilities
• Equity financing
• Operating expenses
• Current liabilities

What is the term for resources owned by a business that have economic value?

Money generated from normal business operations is referred to as ________.