Brookes books

Question 1

Accounts Payable

Answer 1

The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company’s balance sheet.

Question 2

Accounts Receivable

Answer 2

The total value of all accounts receivable is listed on the balance sheet as current assets and include invoices that clients owe for items or work performed for them on credit.

Question 3

Aging Report

Answer 3

Businesses use aging reports to determine which customers have outstanding invoice balances.

Question 4

Asset

Answer 4

Assets are reported on a company’s balance sheet. They’re classified as current, fixed, financial, and intangible.

Question 5

Balance sheet

Answer 5

The balance sheet is one of the three core financial statements that are used to evaluate a business. It provides a snapshot of a company’s finances (what it owns and owes) as of the date of publication.

Question 6

Bank Statement

Answer 6

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

Question 7

Business Transaction

Answer 7

To engage in a business transaction, the business exchange must be measurable in monetary value so it can be recorded for accounting purposes.

Question 8

Chart of Accounts

Answer 8

In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories.

Question 9

Check stub

Answer 9

check stub is attached to a check, and provides the detail regarding the amount paid.

Question 10

Checkbook Reconciliation

Answer 10

Budget every dollar, every month.

Question 11

Checkbook Register

Answer 11

cash disbursements journal, is where you record all of the check and cash transactions your business has during an accounting period. Businesses use a check register

Question 12

Closing Entries

Answer 12

a journal entry made at the end of accounting periods that involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet.

Question 13

Cloud Accounting

Answer 13

our users send all your data to cloud providers where the same data is processed and safely stored, and returned. Cloud technology allows business processes to be streamlined and tailored to company growth.

Question 14

Deposit Ticket

Answer 14

In other words, it’s a receipt that banks give you for depositing funds into your account.

Question 15

EFT

Answer 15

a newt.

Question 16

Entrepreneur

Answer 16

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Question 17

Equity

Answer 17

the quality of being fair and impartial.

Question 18

Expense

Answer 18

the cost required for something; the money spent on something.

Question 19

Fiscal year

Answer 19

The previous fiscal year began on October 1, 2021 and ended September 30, 2022.

Question 20

General Ledger

Question 21

Income/Revenue

Question 22

In-Transit

Question 23

Journal Entires

Question 24

Liability

Question 25

p.o.s

Question 26

Profit Margin

Question 27

Purchase Discount

Question 28

Purchase Return

Question 29

Sales Discount

Question 30

Sales Return

Question 31

Sales Tax Liability

Question 32

Sales Tax Payable

Question 33

Trial Balance

Question 34

Vendor