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7 Cards in this Set
- Front
- Back
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What is bookkeeping? |
Bookkeeping is the systematic way of recording transactions in the books of accounts. |
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What does systematic way mean? |
It is the given or set way |
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What is accounting? |
It is the use of information in accounting records to make decisions |
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Give 6 reasons for recording business transactions. |
1. The owners may see if they are making a profit or loss. 2. To see what the business owns. 3. To see what the business owes. 4. To monitor the progress of the business. 5. To measure the progress of the business by comparing results. 6. To show the financial position of the business. |
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Who uses the accounting terms there are 9. |
Government. Bankers. Managers. Owners. Accountants. Suppliers. Investors. Share holders. Employees. |
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What are the accounting terms? |
These are the terms that are used universally. |
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Give 10 accounting terms. |
1. Assets 2. Capital 3. Expenses 4. Purchases 5. Revenue 6. Inventory 7. Trade recievables 8. Trade payables 9. Drawings 10. Liabilities |
