Bookkeeping Final Exam review Exam fully
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Practice questions for this set
Learn 1 /7 Study with Learn
When someone buys something from you, you have to charge taxes and put it
into an account for End of The Year purposes
This is always posted as a credit transaction
Choose an answer
1 GST/ HST Payable 2 Balance Statement
3 Recognition Principle 4 Owners Equity
Don't know?
, Terms in this set (41)
(Records)
This shows what you own
Balance Statement
Assets + Liabilities
Owner's Equity is the difference between these two
This shows the revenue (income) earned and the
Income Statement operating cost incurred. Net Income is the difference
between revenue & cost
Things of value
Assets Ex. cash, buildings, equipment, merchandise for sale
Increased with a debit and decreases with a credit
Debts owing to others
Liabilities Ex. Credit cards, bank loans, and mortgages
Increases with a credit & decreases with a debit
The value of assets that remains after all debts have
Owners Equity been paid off
Increases with a credit and decreases with a debit
Earnings from the sales of goods and services to
customers
Revenues
A business can have more than one kind of revenue
Increases with a credit and decreases with a debit
Cost of operating the business
Expenses Ex. Rent, Salaries, Electricity, Water, Advertising
Increases with a debit and decreases with a credit
Assets
Liabilities
5 Classes of Accounts Owners Equity
Revenue
Expenses
All accounts must be kept separate from personal
Business Entity Concept
expenses
solved & updated (latest version verified for
accuracy) (Questions + Answers) Solved 100%
Correct!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
When someone buys something from you, you have to charge taxes and put it
into an account for End of The Year purposes
This is always posted as a credit transaction
Choose an answer
1 GST/ HST Payable 2 Balance Statement
3 Recognition Principle 4 Owners Equity
Don't know?
, Terms in this set (41)
(Records)
This shows what you own
Balance Statement
Assets + Liabilities
Owner's Equity is the difference between these two
This shows the revenue (income) earned and the
Income Statement operating cost incurred. Net Income is the difference
between revenue & cost
Things of value
Assets Ex. cash, buildings, equipment, merchandise for sale
Increased with a debit and decreases with a credit
Debts owing to others
Liabilities Ex. Credit cards, bank loans, and mortgages
Increases with a credit & decreases with a debit
The value of assets that remains after all debts have
Owners Equity been paid off
Increases with a credit and decreases with a debit
Earnings from the sales of goods and services to
customers
Revenues
A business can have more than one kind of revenue
Increases with a credit and decreases with a debit
Cost of operating the business
Expenses Ex. Rent, Salaries, Electricity, Water, Advertising
Increases with a debit and decreases with a credit
Assets
Liabilities
5 Classes of Accounts Owners Equity
Revenue
Expenses
All accounts must be kept separate from personal
Business Entity Concept
expenses
