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