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    Accounting Terms Worksheet 1

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    brandon.dube2026
    Accounting is the process of recording, classifying, selecting, verifying, summarizing, interpreting and communicating financial information. Bookkeeping is the routine work of recording the everyday financial transactions of a business, whereas accounting provides the financial statements and reports used by managers and investors for decision making. Assets are things of value owned by a business such as equipment, inventory and cash. Liabilities are obligations owed by a business such as accounts payable, loans and mortgages. Capital refers to the money invested by the owners to start or expand the business, while drawings are funds withdrawn by the owners for personal use.

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    Accounting Terms Worksheet 1

    Uploaded by

    brandon.dube2026
    12 views3 pages
    Accounting is the process of recording, classifying, selecting, verifying, summarizing, interpreting and communicating financial information. Bookkeeping is the routine work of recording the everyday financial transactions of a business, whereas accounting provides the financial statements and reports used by managers and investors for decision making. Assets are things of value owned by a business such as equipment, inventory and cash. Liabilities are obligations owed by a business such as accounts payable, loans and mortgages. Capital refers to the money invested by the owners to start or expand the business, while drawings are funds withdrawn by the owners for personal use.

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    Accounting is the process of recording, classifying, selecting, verifying, summarizing, interpreting and communicating financial information. Bookkeeping is the routine work of recording the everyday financial transactions of a business, whereas accounting provides the financial statements and reports used by managers and investors for decision making. Assets are things of value owned by a business such as equipment, inventory and cash. Liabilities are obligations owed by a business such as accounts payable, loans and mortgages. Capital refers to the money invested by the owners to start or expand the business, while drawings are funds withdrawn by the owners for personal use.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    12 views3 pages

    Accounting Terms Worksheet 1

    Uploaded by

    brandon.dube2026
    Accounting is the process of recording, classifying, selecting, verifying, summarizing, interpreting and communicating financial information. Bookkeeping is the routine work of recording the everyday financial transactions of a business, whereas accounting provides the financial statements and reports used by managers and investors for decision making. Assets are things of value owned by a business such as equipment, inventory and cash. Liabilities are obligations owed by a business such as accounts payable, loans and mortgages. Capital refers to the money invested by the owners to start or expand the business, while drawings are funds withdrawn by the owners for personal use.

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    Accounting Terms Worksheet 1

    Questions

    1. Define the following terms:

    a) Accounting____________________________________________________________________________

    _____________________________________________________________________________________

    _____________________________________________________________________________________

    b) Bookkeeping__________________________________________________________________________

    _____________________________________________________________________________________

    _____________________________________________________________________________________

    c) Assets________________________________________________________________________________

    _____________________________________________________________________________________
    _____________________________________________________________________________________

    d) Liabilities_____________________________________________________________________________
    _____________________________________________________________________________________
    _____________________________________________________________________________________

    e) Capital_______________________________________________________________________________

    _____________________________________________________________________________________
    _____________________________________________________________________________________

    f) Drawings_____________________________________________________________________________

    _____________________________________________________________________________________

    _____________________________________________________________________________________
    2. Give 4 examples of each of the following:

    a) Assets________________________________________________________________________________

    _____________________________________________________________________________________

    _____________________________________________________________________________________

    b) Liabilities_____________________________________________________________________________

    _____________________________________________________________________________________

    _____________________________________________________________________________________

    20 marks

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