Accounts

What is Receipts?

• Receipts are money donated

• Receipts are money collected

• Receipts are money received

• Receipts are all money earned for the non profit company by activities

What are payments?

• Payments are made in cash.

• Payments are expenditure.

• Payments are transactions involving the transfer of money for goods or services.
• Payments are spending money for items.

What is the purpose of financial statements?

• To manage inventory levels

• To calculate tax obligations

• To track employee performance

• To provide a summary of a company's financial performance

What are assets?

• Assets are income generated by a company

• Assets are expenses incurred by a company

• Assets are liabilities owed by a company

• Assets are resources owned by a company

What are liabilities?

• Liabilities are expenses incurred by a company

• Liabilities are assets owned by a company

• Liabilities are obligations owed by a company

• Liabilities are income generated by a company

What is revenue?

• Revenue is the total income generated from sales

• Revenue is the profit after all expenses

• Revenue is the cash flow from investments

• Revenue is the total expenses incurred by a company

What is a budget?

• A budget is a plan for managing income and expenses

• A budget is a record of past financial transactions

• A budget is a report on a company's assets

• A budget is a summary of employee salaries

What is the definition of an expense?

• An expense is a liability owed by a company

• An expense is a cost incurred in the process of generating revenue

• An expense is a profit made from sales

• An expense is a type of asset

What does cash flow refer to?

• Cash flow refers to the total liabilities of a company

• Cash flow refers to the profits made after expenses

• Cash flow refers to the movement of money in and out of a business

• Cash flow refers to the total amount of cash a company has

What is the role of an accountant?

• An accountant is responsible for managing a company's inventory

• An accountant is responsible for hiring new employees

• An accountant is responsible for preparing financial statements and ensuring accuracy in financial reporting

• An accountant is responsible for marketing a company's products