Accounting

Question 1

revenue

Answer 1

fees earned in a given period of time, acruing revenue

Question 2

expenses

Answer 2

costs produced by company to perform business operations

Question 3

receivables

Answer 3

assets not yet received

Question 4

payables

Answer 4

bills not yet paid but money still oweed from one company to another

Question 5

gross

Answer 5

all revenues eraned in period of time without taking expenses out

Question 6

net

Answer 6

minus expenses

Question 7

assets

Answer 7

economic resoureses of the company
ex: equipment, cash

Question 8

liabilites

Answer 8

amounts owed to others
ex: loans, payables, obligation to pay or perform some duty

Question 9

equity

Answer 9

owners intereest in business
stockholders

Question 10

balance sheet

Answer 10

snapshot of a company’s assets, liabilities and owners equity at a point in time

Question 11

income statement

Answer 11

shows how profitable a company was during a stated time itnerval
shows over a period of time

Question 12

cash flow statement

Answer 12

amount of cash coming into a business via revenue versus the amount that is leaving in form of payments during a specific time