WorksheetsUNIT 6- ACCOUNTING
Total questions: 18
Worksheet time: 53mins
The process of recording, summarizing, and analyzing a company’s financial transactions and reporting them in financial documents.
FINANCIAL ACCOUNTING
MANAGERIAL ACCOUNTING
GAAP
REVENUE
The process of analyzing financial information to be able to make managerial decisions.
MANAGERIAL ACCOUNTING
GAAP
EXPENSES
CPA
The money that a company has coming in. This can be through sales, licensing, patents, and royalties.
REVENUE
EQUITY
PROFIT
LIABILITIES
The money that a company has going out. This can be through basic spending, payroll, rent, utilities, taxes, etc.
EXPENSES
REVENUE
PROFIT
ACCOUNTING
Revenue - Expenses=
PROFIT
EXPENSES
LIABILITIES
CPA
Everything that an organization owns, such as buildings, equipment, skilled labor, etc.
Assets
Liabilities
Equity
Worth
Assets - Liabilities
(What a company is worth)
EQUITY
PROFIT
REVENUE
EXPENSES
Anything or debts a company owes. These typically come from a mortgage for a building, paying off equipment over time, money owed to suppliers, or credit cards.
LIABILITIES
WITHDRAWALS
PAYMENTS
BANK TRANSACTIONS
This is a variable expense that is associated with the cost of the products or services sold.
COGS
CPA
RAM
GAAP
A set of accounting principles followed by most US businesses that allows allows them to measure a company’s financial health.
GAAP
CREDIT
INTEREST RATES
CPA
PLEASE IDENTIFY WHICH FINANCIAL STATEMENT THE EXAMPLE IS.
PLEASE IDENTIFY WHICH OF THE FINANCIAL STATEMENTS THE EXAMPLE IS.
PLEASE IDENTIFY WHICH OF THE FINANCIAL STATEMENTS THE EXAMPLE IS.
FIXED OR VARIABLE EXPENSE?
EXAMPLE: MY BUSINESS PAID $175 FOR INTERNET COSTS THIS MONTH.
(a)
FIXED OR VARIABLE EXPENSE?
MY BUSINESS PAID $24,000 IN PAYROLL EXPENSES THIS MONTH.
(a)
IN THE ACCOUNTING CYCLE THERE ARE 8 STEPS.
PLEASE IDENTIFY STEP 1 AND STEP 8
(a)
IN THE PURCHASING DOCUMENT CYCLE THERE ARE 4 DOCUMENTS THAT APPEAR.
WHICH DOCUMENT IS THE ONE THAT THE CONSUMER(WHOMEVER IS RESPONSIBLE FOR PAYING) USES TO PAY THE AMOUNT DUE?
(a)
THIS QUESTION IS ON THE SHEET OF PAPER THAT I HAVE PROVIDED YOU.
IT IS WORTH 15 PTS AND NEEDS TO BE TURNED INTO ME.
REMEMBER TO LABEL YOUR T-ACCOUNT WITH THE ACCOUNT TITLES, AND PLACE THE DEBITS AND CREDITS IN THEIR CORRECT POSITIONS. THIS WILL PROVIDE YOU WITH THE HELP YOU NEED TO SOLVE THE SCENARIO.
