WorksheetsACNT make up for warm up due 10162020
Total questions: 10
Worksheet time: 5mins
The language of business
equation
profit
bookkeeping
accounting
look at what and how the business was affected
comparing
differentiating
analyzing
comparing
Putting the information into the accounting system
bookkeeping
analyzing
recording
accounting
grouping all the same activities (ie all purchases) together
bookkeeping
recording
analyzing
classifying
totaling the results
classifying
recording
summarizing
bookkeeping
properties of value owned by a business
liabilities
assets
equities
capital
Rights or financial claims of creditors (liabilities) and owners (owner’s equity) who supply assets to the firm
assets
equities
liabilities
capital
Obligations that come due in the future: financial rights or claims of creditors to assets
assets
equities
liabilities
capital
Composition of assets changes but the value stays the same
shift in assets
accounts payable
accounts receivable
balance sheet
amounts owed to creditors from the purchase of goods or services (a liability)
shift in assets
accounts payable
accounts receivable
balance sheet
