Flashcards
Accounting Test
Cards in this deck (5)
- 1What is the accounting equation?Assets = Liabilities + Owners Equity
- 2What are assets?Things you own. Eg, money, car, table, equipment.
- 3What are concepts and conventions of financial accounting?Business entity, money measurement concept,
duality, going concern, prudence, realization, accrues, consistency and materially. - 4What is an income statement?To show the match between expenses and revenue for an accounting period.
- 5What is the accounting cycle?Transaction -> Source Document -> Journal -> Ledger -> Trail Balance -> Adjusted Trail Balance -> Financial Statement which shows - Income statement, balance sheet and statement of cash-flows.
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- Description
- To help with accounting and finance test.
- Created by
- Isabel Fish
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