WorksheetsAccounting Basics
Total questions: 28
Worksheet time: 14mins
What is the system of accounting that all US businesses use?
GDP
GAPP
GAAP
General Journal
Documents that summarize your businesses finances...
financial reports
journals
ledgers
income statements
A block of time covered by an accounting report
fiscal year
calendar year
financial period
accounting period
This runs from Jan 1 to Dec 31
accounting period
calendar year
Chinese calendar
fiscal year
An accounting period that runs from Oct 1 - Sept 31
Chinese year
calendar year
fiscal year
seasonal year
Anything of value that a business owns
investments
capital
liabilities
assets
The amount that customers OWE your business is in this
accounts payable
accounts receivable
credit accounts
debit accounts
Examples of these could include buildings or equipment
fixed assets
investments
current assets
purchases
Cash or other items that can be converted into cast quickly
fixed assets
cash assets
quick assets
current assets
The debts of a business
assets
debts
liabilities
equity
The amount your business owes it creditors
balance
accounts payable
accounts receivable
accrual
A list of accounts that a business uses in its operation
general journals
chart of accounts
general accounts
statement of cash flows
Debits
the right side of the account
increase the balance on the revenue account
the left side of the account
decrease the balance on the expense account
The right side of an account
credits
posts
entries
debits
When you record your income when it's received
accrual basis
cash basis
fiscal basis
accounts receivable
When you record income when it's earned
cash basis
accrual basis
earned accouting
fiscal accounting
In accounting a journal is...
a record of important business events
financial statements of the business
a financial diary of the business
also known as a chart of accounts
The process of recording business transactions
journalizing
record keeping
posting
accounting
The process of transferring money into different accounts
journalizing
transactions
switching accounts
posting
A report of revenue, expenses, and net income or loss
statement of cash flows
income statement
balance sheet
profit and loss statement
The most common journal in accounting
general ledger
financial journal
income statement
general journal
This shows a businesses financial picture on a specific date
balance sheet
statement of cash
income statement
fiscal statement
The amount of cash available at any given time
assets
cash flow
credits
revenue
This report tells you how much cash you took in and where it went
income statement
financial report
statement of cash flows
cash receivables
When you record expenses when they are paid
expense report
accrual basis
paid reports
cash basis
When you record expenses when they were incurred
accrual basis
incurred accounting
cash basis
cash receivable
Cash, equipment, or buildings that a business owns can be called this
accounts payable
accounts receivable
equity
assets
The worth of your business is called
capital
current assets
owners equity
liabilities
