Podcast
Questions and Answers
Match each accounting term with its definition:
Match each accounting term with its definition:
Entity = Any organization or individual that has its own financial records and is distinct from other organizations or individuals Business Transaction = Any activity or event that involves the exchange of money, goods, or services between two parties Capital = The amount of money or assets invested in a business by the owner or owners Drawings = The funds or assets that the owner of a business withdraws for personal use
Match each financial term with its category:
Match each financial term with its category:
Liabilities (Non-Current and Current) = Obligations or debts that a company owes, which can be either short-term (current) or long-term (non-current) Assets (Non-Current, Current) = Resources owned by a company that have economic value and are expected to provide future benefits, categorized as either short-term (current) or long-term (non-current) Expenditure (Capital and Revenue) = Spending of money on assets that will provide benefits over multiple accounting periods (capital) or on day-to-day operations and expenses (revenue) Expenses = The costs incurred in the process of generating revenue, typically related to day-to-day operations
Match each sales-related term with its definition:
Match each sales-related term with its definition:
Purchase = The act of buying goods or services for use in a business Sales = The exchange of goods or services for money or other assets Goods = Physical products that are available for sale to customers Stock = The goods and materials that a business holds for the ultimate goal of resale
