KEY BOOKKEEPING TASKS, LOSS IN BUSINESS, AND REPORT ACTIVITY EXAM QUESTIONS AND ANSWERS

KEY BOOKKEEPING TASKS, LOSS IN BUSINESS, AND REPORT ACTIVITY EXAM QUESTIONS AND ANSWERS Revenue - ANSWER-value of the goods the business has sold or the services we have performed Income/Revenues - ANSWER-represent the value of the goods or services provided -service revenue -sales revenue interest revenue - ANSWER-examples of revenue accounts Service revenue - ANSWER-revenue from completing a service, could be specific Sales revenue - ANSWER-value of product you sell Interest revenue - ANSWER-value of interest earned on investments or bank accounts Expenses - ANSWER-costs of doing business outflow of money -cost of goods sold -utilities expense -wages expense -rent expense -supplies expense -insurance expense -advertising expense -bank fees expense - ANSWER-examples of expense accounts