Accounting Questions and Graded Answers.
income - all the money received from business activities during a given period, =
revenue(s)
expenditure - all the money that a business spends on goods or services during a given
period
budget - a summary of intended expenditures along with proposals for how to meet them
asset - anything of value that is owned
liability - all the money that a company owes to someone, including debts, taxes, interest
payments, etc.
debit - an entry in an account, recording a payment made
credit - an entry in an account, recording a payment received
intangible - adjective describing something without a material existence, which you
cannot touch, e.g. goodwill, know-how, patents, etc.
tangible - having substance or material existence
incurred expeses - expenses that have not yet been paid for
deferred - delayed or postponed until a later time
income - all the money received from business activities during a given period, =
revenue(s)
expenditure - all the money that a business spends on goods or services during a given
period
budget - a summary of intended expenditures along with proposals for how to meet them
asset - anything of value that is owned
liability - all the money that a company owes to someone, including debts, taxes, interest
payments, etc.
debit - an entry in an account, recording a payment made
credit - an entry in an account, recording a payment received
intangible - adjective describing something without a material existence, which you
cannot touch, e.g. goodwill, know-how, patents, etc.
tangible - having substance or material existence
incurred expeses - expenses that have not yet been paid for
deferred - delayed or postponed until a later time
