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Basic Book keeping
Book Keeping level 1
| Question | Answer |
|---|---|
| Accounts Payable Ledger | Lists all vendors to whom your company has charged purchases. All vendors have a separate page. |
| Accounts Receivable Ledger | Lists all customers your company sells to on account.All customers have a separate page. |
| Accrued Expenses | Something owed by your company but not yet been invoiced for. |
| Amortization | The systematic writing off of the cost of capital assests. |
| Capital | 3000-3999 amounts invested by the owner and profits retained by the company |
| Assets | 1000-1999 what a company owns |
| Cash Disbursements journal | use to record all cash paid by the company |
| Cash Receipts journal | Used to record all cash received by the company |
| Cost of goods | 5000-5999 the cost of goods sold |
| Credit Balances | the right side - liability, capital, and revenue accounts |
| Debit Balances | the left side - Assests and expense accounts |
| Expense | money that is paid out for various costs of living |
| Fundamental Bookkeeping equation | Assets-Liabilities= Net worth |
| General Journal | Used to record all items that are not entered in other journals |
| General Ledgers | one page for each account. entried from the journals are posted on the day they are entered |
| Gross Margin | the difference between the total sales for the period and the cost of the goods that were sold. |
| Liabilities | 2000-2999 amounts owed by the company |
| Net Worth | Is calculated by adding everything of value a person owns and deducting all the money that is owed. |
| Payroll clearing account | the net amount of payroll is credited for each cheque and when cheques are issuued, the sccount is then debited for the total of the payroll leaving a zero balance |
| Payroll Journal | used to record the payroll for the employees of the business |
| Payroll ledger | used to record the individual information for each employee |
| Personal income statement | a listing of an individuals revenues and expenses over a specific period of time. |
| Purchases Journal | used to enter vendor invoices for all purchases of inventory, supplies, and other assests of the company. |
| Revenue | 4000-4999 all sales made by the company |
| Sales Journal | used to enter company invoices for all sales on account |
Created by:
AshleyCC
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