Introduction to Bookkeeping
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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| Account Payable | a liability account recording that money is or will be owed.
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| Bookkeeping | involves maintaining financial records for a business, either your own or within the accounting department of another business.
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| Service Business | business that performs a service for payment.
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| Bookkeeper | a person who records and account for the exchange of money for services, as well as money for goods.
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| Accounting | a logical process for keeping accurate financial records, which is necessary for successful money management. These records show the financial strengths and weaknesses of the business.
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| Account | a record pertaining to a single item in the accounting equation that summarizes all the information about that item.
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| Account Title | the name given to an account.
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| Account Balance | an amount in an account.
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| Transaction | any activity that occurs in the business that changes part of the accounting equation (assets, liabilities, or owner's equity)
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| Assets | anything of value owned & used in a business.
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| Liability | any money owed.
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| Owner's Equity | Determined by subtracting the value of liabilities from the value of assets; the difference is what the business is worth to the owner.
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| Debtor | an entity or person who owes money.
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| Accounting Equation | Assets = Liabilities - Owner's Equity (left side must always equal the right side)
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| Creditor | an entity or person who has lent money.
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| Balance Sheet | an accounting document that gives a snapshot of an organization's financial state at a given point in time.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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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