Accounting Concepts and Measurements

Question 1

What are the 4 Key Elements of Bookkeeping Ethics

Answer 1

a. Honesty
b. Objectivity
c. Confidentiality
d. Professionalism

Question 2

What is the accounting equation

Answer 2

Assets = Liability + Equity

Question 3

What is the extended accounting equation

Answer 3

a. Assets = Liability + Equity + Revenue - Expenses

Question 4

What are some examples of assets

Answer 4

a. Cash
b. Accounts Receivable
c. Inventory
d. Investments in other companies

Question 5

What are some examples of Liabilities

Answer 5

a. Mortgage
b. A/P
c. Payroll
d. Sales Tax

Question 6

6. How to remember which side to increase on the Debits and Credits

Answer 6

DEA/LER