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accounting 1
accounting
| Question | Answer |
|---|---|
| Auditing | The review of financial statements to assess their fairness |
| Deprecation | The systematic and rational allocation of fixed asset over it’s estimated useful life |
| Worksheet | is a form used to gather all data needed at the end of an accounting period to prepare financial statements |
| Sole proprietorship | A business entity owned by one person, who is legally responsible for the debts and taxes of the business |
| Partnership | A business entity owned by two or more people |
| General journal | A financial record for entering all types of business transactions |
| Journal | The record of original entry |
| Audit trail | A chain of references that makes it possible to trace information, locate errors, and prevent fraud |
| Ledger | record of final entry |
| Posting | Transferring data from a journal to a ledger |
| General ledger | A permanent, classified record of all accounts used in a firm’s operation |
| Book value | That portion of an asset’s original cost that has not yet been depreciated |
| Straight-line depreciation | Allocation of an asset’s cost in equal amounts to each accounting period of the asset’s useful life |
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