Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Accounting | The processing and communication of financial information to enable economic decisions to be made
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| Accounting Equation | Assets less (-) liabilities = Equity
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| Accounts Payable | Amounts owed by the business for items bought on credit
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| Accounts Recievable | Amounts owed to the business for items sold on credit
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| Asset | A future economic benefit presently controlled by an entity as a result of a past transaction
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| Current Assets | Those that are expected to be turned into cash in the coming year. E.g. Cash, Accounts recievable
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| Non- Current Assets | Those that are expected to be turned into cash in more than one year.
E.g. Building, Vechiles
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| Balance Sheet | Statement used to calculate the equity/net worth of a business
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| Company | 1 or more owners; limited liability; continuos existence
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| Partnership | 2-25 owners usually, unlimited liability; non-continuos existence
E.g. Law firm
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| Sole Trader | 1 owner; unlimited liability; non-continuos existence
E.g. Butcher
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| Continuos Existence | The ownership of the business can be transferred to another person
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| Non Continuos Existence | The ownership of the business cannot be transferred to another person
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| Credit Purchase | Buy a good or service now and pay later
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| Expenses | Payment made for ongoing costs in the operation of the business
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| Group One Expenses | Those relating to the provision of the good or service itself.
E.g. Plumbers wages for a plumbing business; Advertising
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| Administration Expenses | Those relating to the daily running of the business.
E.g. Rent; Telephone
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| Financial Expenses | Those relating to the funds of the business.
E.g. Interest on loan
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| Income | What a persons earns.
E.g. Wages; Salary; Interest
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| Income Statement | Statement used to calculate the net profit of a business
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| Share | A unit of ownership in a company
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| Diviend | A return on a share
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| Liability | A future economic sacrifice an entity is presently obliged to make, as a result of a past transaction
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| Current Liability | Those items owing that are expected to be repaid in the coming year.
E.g. Bank overdraft; Accounts Payable
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| Limited Liability | If the business fails, the owner's personal assets may not be used to repay the debts of the business
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| Unlimited Liability | If the business fails, the owner's personal assets may be used to repay the debts of the business
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| Revenue | The earnings of a firm. They increase owner's equity.
E.g. Sales; Fees charged
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| Other Revenue | Earnings of the business not relating to the core work of the business.
E.g. Interest/Dividends Earned
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| Net Loss | Expenses are greater than revenue
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| Net Profit | Revenue less (-) Expenses= Net Profit
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| Net Worth | A person's assets less (-) their liabilities
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| (Owner's) Equity | The amount that the business owes the owner. The net worth of the business
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| Drawings | The assets or value of assets of a business taken by the owner for their own personal use.
E.g. Cash from the till
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Alice Brockie
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