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Bookkeeping > Basics > Flashcards

Basics Flashcards

1
Q

Accountant

A

refers to the person who will calculate the overall annual profitability of an entity and the amount of tax owed.

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2
Q

Bookkeeper

A

Refers to the person that keeps the financial records of an entity.

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3
Q

Business

A

Refers to an entity that trades as a sole trader-person has exclusive ownership of the business.
Also fully liable for any debts business incurs

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4
Q

Company

A

Refers to an entity that trades as a limited company- owned by shareholders and directors.

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5
Q

Other entities

A

Partnerships
Limited partnerships
Charities

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Bookkeeping (6 decks)

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