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Applying Accounting in Everyday Life Flashcards | StudBud
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Applying Accounting in Everyday Life
Applying Accounting in Everyday Life
20 terms
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StudBud Administration
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You will be able to learn about accounting in everyday life and some of the terms that are used.
Flashcards
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Questions
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Answers
1
Any legal activity carried out for the purpose of making money is referred to as:
Company
Ownership
Business
Propriertor
2
Cash basis accounting:
Same time
May differ in time
3
All economic events are:
Recorded
Communicated
All of the above
Identified
4
The left side of the T account is called:
Credit
Debit
5
Is contributed capital a noncurrent asset or a current asset, and is it a debit or credit?
Debit
Credit
6
The double-entry rules can be helpful when we need:
To find a mistake in financial records
To see how much money we have
All of the above
To see the debit and credit
7
Checking a bank account daily can help me to:
Go shopping
Buy a TV
Know the balance
Buy tickets for movies
8
A credit score is a tool that the bank considers before giving a loan?
True
False
9
Provides information that is designed to satisfy the needs of external users.
External Users
Financial Accounting
Internal users
Managerial Accounting
10
Types of external uses include:
Employees
Investors
Customers
11
Amounts that a business must pay in the future are known as:
Capital
Account Payable
Expenses
Account Receivable
12
Controlling my expenses can help me to handle better my financials?
YES
NO
13
How many branches of accounting exist?
4
1
8
20
14
What is one the major steps of an accounting period?
Adjusting the entries if there is a mistake
Preparing financial statements
None of the above
Omission in recording transactions in any book of accounts
15
What is a bank balance?
Amount available in an account for a withdrawal or use
Expenses that you have
Credits that you have
Deposits you make in an account
16
What is meant by a transaction?
Someone that legally owns a business
Economic event or any activity of buying and selling goods
Buying a property
Paying money to bank
17
What is the difference between accounts receivable and accounts payable?
There is not diffenrence
AR are liabilities and AP are assets
AP are liabilities and AR are assets
18
Statement that is one of the main financial statements of a business or a nonprofit entity.
Accounting Basics
Financial Accounting
Depreciation Expense
Cash Flow
19
How do you call the money invested on a business to generate income?
Capital
Bank Account
Tax Refund
Income Statement
20
Do debit entries decrease asset accounts, and increase liability and equity accounts.
False
True
