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level: Accounts Terms

Questions and Answers List

Question	Answer
What is the name for an account used to store, sort and summarise all of a business's transactions?	Ledger
What is the term used to describe anything of value owned by a company?	Assets
What is the name of the statement that shows a company's income and expenses?	Profit and Loss
What is the term used to describe the status of a company as represented by the assets, owner's equity and liabilities?	Financial position
What is the term used to describe revenue that has been earned, but not yet paid?	Accrued revenue
What is the name for reports that summarise the operation of a company and its financial condition?	Financial statement
What is the term used to describe merchandise, equipment and tools that are necessary for the running of a company?	Stock-in-trade
What is the name of the sheet that tells you about a company's fundamentals i.e. payments due, debt, cash assets and income over time?	Balance sheet
What is the term used to describe the preparation of a company's accounts for the next financial year?	Closing books
What is the name of a document used to summarise transactions that are to be recorded in the ledger?	Subsidiary journals