WorksheetsFI-085 Accounting Know-How
Total questions: 4
Worksheet time: 6mins
Rules that accountants must follow when preparing financial statements
Accounting standards
Checks, receipts, invoices, and other items
Source documents
Physical currency; money in notes and coins
Cash
Individuals to whom a business owes money
Creditors
A summary with estimates as to when, where, and how much money will come into and go out of a business
Cash flow statement
Individuals who own shares of stock in a business
Stockholders
A summary that shows how much money a business has made or lost
Income Statement
Arrangement by businesses to buy now and pay later
Credit
Process of keeping financial records
accounting
Debts that the business owes
Liabilities
Actually recording the business's financial transactions
Bookkeeping
Anything of value the business owns
Assets
Monies that a business spends
Expenses
Accounting record for a specific departement or area of the business
Ledger
A process or series of steps that businesses complete to maintain their financial records effectively
Accounting cycle
Those who invest their funds in a business
Investors
A business activity such as a sale or purchase
Transaction
Report of a business's financial condition at a particular moment
Balance sheet
Money received by a business from outside sources
Income
Monetary reward a business owner receives for taking the risk of investing in business
Profit
