Bookkeeping

It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

• Bookkeeping

• Accounting

• Journalizing

It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information.

• Bookkeeping

• Accounting

• Journalizing

BASIC ACCOUNTING normally includes the areas of Debits only.

• True

• False

The accounting equation is total assets equal total liabilities.

• True

• False

The value received is a _____________.

• Debit

• Credit

• Debtor

• Creditor

The value parted with is a ____________.

• Debit

• Credit

• Debtor

• Creditor

The list of company accounts is called

• General Ledger

• Journal

• Chart of Accounts

• Folio

Something valuable that an entity owns, benefits from, or has use of, in generating income.

• Assets

• Liability

• Equity

• Capital

Account Receivables are

• Assets

• Liabilities

• Capital

• Equity

Goodwill is a liability.

• True

• False