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Accounting Test

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To help with accounting and finance test.
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Zusammenfassung der Ressource

Frage Antworten
What is the accounting equation? Assets = Liabilities + Owners Equity
What are assets? Things you own. Eg, money, car, table, equipment.
What are concepts and conventions of financial accounting? Business entity, money measurement concept, duality, going concern, prudence, realization, accrues, consistency and materially.
What is an income statement? To show the match between expenses and revenue for an accounting period.
What 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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