Have an account?
Accounting is ....
the process of recording financial transactions pertaining to a business
art and science of managing money
a social science that deals with the production, distribution, and consumption of goods and services
An Asset is...
An asset is a resource currently owned and controlled by a business as a result of a past transaction
An asset is a resource owned by a business as a result of a past transaction
An asset is something that costs money
Which of the following is an example of an asset?
Which of the following is an example of a liability?
Which of the following is an example of Income
Double entry in accounting means there must be________ entries for every transaction?
Summary of assets and liabilities
Profit and loss account
Income and expenditure account
Accounting is referred to as the "language of ___________________."
Goodwill is a
Managerial accounting is designed for use by:
What is the accounting equation
Revenue - Expenses = Profit
Capital + Assets = Liabilities
Capital + Liabilities = Assets
Capital - Liabilities = Assets
The formula for calculating the break-even number of units is:
The time it takes to double an investment can be estimated by using which of the following?
the Rule of 72
What is Finance?
Finance refers to art and science of managing money
Finance is the process of recording financial transactions pertaining to a business
Finance is process to identifying customer needs and wants
Fara earns an interest rate of 2.2% on a $9,000 savings account. Let’s calculate the future value of this amount if Fara keeps it for 11 years:
Formula: FV= PV(1+i)7