Basic accounting principles questions
and answers
Accounting - answer systematic recording, reporting and analysis of financial transactions
according
to accepted principles in order to provide meaningful financial information
Revenue - answer amount of money a business receives over a period of time
Operating Revenue - answer income from sales or services based on the goal of the business
Non-operating Revenue - answer income which does not come from the primary goal of
business
Sales Figures - answer represent the amount of revenue generated by the business
Cost of Goods Sold - answer cost directly associated with making or acquiring products
Gross Profit - answer subtracting the cost of goods sold from net sales figures
Income - answer required contribution for the support of a national, state or local government
calculated based on income tax
Operating Expenses - answer daily expenses incurred in the operation of a business
Fixed Expenses - answer expenses which are necessary, stable and occur regularly
and answers
Accounting - answer systematic recording, reporting and analysis of financial transactions
according
to accepted principles in order to provide meaningful financial information
Revenue - answer amount of money a business receives over a period of time
Operating Revenue - answer income from sales or services based on the goal of the business
Non-operating Revenue - answer income which does not come from the primary goal of
business
Sales Figures - answer represent the amount of revenue generated by the business
Cost of Goods Sold - answer cost directly associated with making or acquiring products
Gross Profit - answer subtracting the cost of goods sold from net sales figures
Income - answer required contribution for the support of a national, state or local government
calculated based on income tax
Operating Expenses - answer daily expenses incurred in the operation of a business
Fixed Expenses - answer expenses which are necessary, stable and occur regularly
