Introduction to Accounting Flashcards
1
Q
process of recording Financial transactions pertaining to a business. Includes analyzing, recording, & summarizing Financial transactions or events over an accounting period.
A
Accounting
2
Q
Father of Accounting
A
Luca Bartolomeo De Pacioli
3
Q
A/R
A
Accounts Receivable
4
Q
A/P
A
Accounts Payabale
5
Q
Summary of debits and credits
A
Trial Balance
6
Q
Statement of financial position
A
Balance Sheet
7
Q
Statement of comprehensive income
A
Income statement/profit & loss
8
Q
Italian mathematician who discovered double-entry accounting
A
Luca Bartolomeo De Pacioli
9
Q
Two types of accounting
A
Single-Entry
Double-Entry
10
Q
Accounting Periods:
12 months coverage
January to December
A
Calendar Year
11
Q
Accounting Periods:
12 months coverage
Can start from any month of the year
E.g March 1 —–> February 28
A
Fiscal Year
