Accounting Terms

Question 1

The process of keeping financial records

Accepted Answer

Accounting

Question 2

Financial Statement that chows cash inflows and outflows for the accounting period

Accepted Answer

Cash Flow Statement

Question 3

Investments to the business?

Accepted Answer

Capital

Question 4

Owner's interest in the assets of a business

Accepted Answer

Owner's Equity

Question 5

Financial Statement of the assets, liabilities, and capital of a business

Accepted Answer

Balance Sheet

Question 6

Adding to the account balance (right side of the account)

Accepted Answer

Debit

Question 7

Steps involved during an accounting period

Accepted Answer

Cycle

Question 8

A time period for processing finacial statements

Accepted Answer

Accounting Period

Question 9

Assets equals liability plus owner's equity

Accepted Answer

Accounting Equation

Question 10

Financial Statement that shows the effect of net income and the owner's withdrawl?

Accepted Answer

Statemnt of Owner's Equity

Question 11

Financial Statement that shows the operating cost for the accounting period.

Accepted Answer

Income Statement

Question 12

Amounts the business owes to other entities

Accepted Answer

Liability

Question 13

The income a company receives from doing business

Accepted Answer

Revenue

Question 14

Money that the business spends on supplies

Accepted Answer

Expenses

Question 15

Things the business owns or controls

Accepted Answer

Assets

Question 16

Subtracting from the account balance (right side of the account)

Accepted Answer

Credit

Questions 16