accounting

Question 1

• An art of recording , classifying, and summarizing in a significant
  manner and in terms of money, transactions and events which are, in
  part or at least, of financial character and interpreting the results
  thereof.

Answer 1

Accounting

Question 2

property or rights on property owned

Answer 2

ASSETS

Question 3

cash and other assets expected to become cash, sold,
consumed during the regular operating cycle of the business or one year

Answer 3

Current assets

Question 4

coins, currencies, bank checks, bank deposits; Cash on hand, cash in bank

Answer 4

Cash

Question 5

collectibles from customers/clients & other persons for
money or goods received on credit bases

Answer 5

Accounts Receivable (A/R)

Question 6

collectibles from customers/clients who issue promissory
notes in exchange for goods or services received

Answer 6

Notes Receivable (N/R)

Question 7

– added collectibles from notes receivable

Answer 7

Interest Receivable (I/R)

Question 8

– stocks of goods to be sold; Current Assets

Answer 8

Merchandise Inventory (MI)

Question 9

advance payments made for benefits or services that the business
will receive or use in the future

Answer 9

Prepaid expenses

Question 10

-investments in stocks of other companies

Answer 10

Trading securities

Question 11

needed to
support the operation of the business.

Answer 11

Non-current Assets , Plant Assets, or Fixed Assets

Question 12

Non-current Assets , Plant Assets, or Fixed Assets-

Answer 12

a. Land
b. Building
c. Equipment
d. F/F
e. Motor vehicle
f. Allow. For depreciation
g. Intangible Assets