Accounting Principles & Procedures Flashcards
1
Q
Can you name some examples of assets a business may possess?
A
Properties, Machinery, Investments, Stock
1
Q
Can you name some examples of liabilities a business may have?
A
Loans, Taxes (VAT), Shareholder Dividends
2
Q
What does GAAP stand for?
A
Generally Accepted Accounting Principles - collection of commonly-followed accounting rules and standards for financial reporting
3
Q
What is a Balance Sheet?
A
A Balance Sheet shows the assets and liabilities of a business at a given period of time
