2. 2. What is the last aspect of accounting?

This focuses mainly on recording transactions.

This is any item that is used as standard medium of exchange

that the bank will accept at face value.

This pertains to the things owed by the business.

Which among the following is the most liquid asset?

Who is the Father of Accounting?

This is a complete listing of all specific assets, liabilities, equity,

income, and expense with a corresponding number for reference.

This is the side where asset increases.

When something is purchased and is to be paid on a later date, this account increases.

Which of the following is an example of external user of financial statements?

This is the portion of income of a corporation that is not distributed to the shareholders.

Withdrawals are being credited when it increases.

Accumulated Depreciation is only applicable for fixed assets.

Mortgage payable is a liability which involves a fixed asset.