Accounting for Managers Quiz

Define Accounting: (IMPORTANT) The system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial Transaction.

What is Journal Entry?

What is ledger?

What is a trial balance?

What are Final Accounts?

What is balance sheet?

What is a current asset?

What is fixed asset?

What is current liability?

What is fixed liability?