Accounting E-Book

Rumi Michael Leigh

• Herausgeber: Rumi Michael Leigh
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2024

Beschreibung

"Accounting: Things You Should Know (Questions and Answers)" is your essential guide to mastering the core principles of accounting. Designed for students, professionals, and beginners alike, this book breaks down complex accounting concepts into an easy-to-understand Q&A format. Whether you're preparing for exams, managing your personal or business finances, or simply refreshing your knowledge, this book delivers clear and concise explanations that make accounting approachable and practical.
Key Features:

• Comprehensive Coverage: Explore fundamental accounting topics, including assets, liabilities, revenue, expenses, financial statements, and more.
• Simplified Q&A Format: Learn efficiently with clear, direct answers to common accounting questions, perfect for quick understanding.
• Real-World Examples: Apply accounting concepts to real-life scenarios with practical examples that reinforce learning.
• Suitable for All Skill Levels: Whether you’re a beginner or seeking a refresher, this book provides value for readers at every level.
• Quick Reference Guide: Ideal for students, small business owners, or professionals needing a reliable, easy-to-navigate resource.
• Exam Preparation: A great study aid for those gearing up for accounting exams or certifications.
• Enhance Financial Literacy: Gain a solid foundation in accounting to improve your personal or professional financial management skills.

Take control of your accounting knowledge and gain the confidence you need to navigate financial statements, balance sheets, and more with ease.

Leseprobe

ACCOUNTING

THINGS YOU SHOULD KNOW

(QUESTIONS AND ANSWERS)

By Rumi Michael Leigh

Introduction

I would like to thank you for purchasing this book, "Accounting, things you should know (questions and answers)”.

This book will help you understand, revise, and have a good general knowledge and understanding of the basics of accounting.

I hope you enjoy it!

Table of Contents

Introduction

Part 1: Accounting

Part 2: Accounting

Part 3: Accounting

Part 4: Accounting

Part 5: Accounting

Part 6: Accounting

Part 7: Accounting

Part 8: Accounting

Part 9: Accounting

Part 10: Accounting

Part 11: Accounting

Part 12: Accounting

Part 13: Accounting

Conclusion

Part 1: Accounting

1. What is an asset?

An asset is a resource that a business owns, which has value and can be used to generate future economic benefits.

2. What is a liability?

A liability is a financial obligation that a business owes to others, such as debts or loans.

3. What is revenue?

Revenue is the inflow of economic resources resulting from the sale of goods or services.

4. What is an expense?

An expense is the outflow of economic resources that a business incurs in the process of generating revenue.

5. What is a prepaid expense?

A prepaid expense is an expense that has been paid in advance. This could include things like rent, insurance premiums, or subscription fees that are paid upfront.

6. What is gross revenue?

Gross revenue is the total revenue earned by a company before any deductions or expenses are taken into account.

7. What is net revenue?

Net revenue is the revenue earned by a company after deductions for discounts, returns, and allowances have been made. It is the actual amount of revenue that a company earns from its sales.

8. What is unearned revenue?

Unearned revenue is money received by a company in advance for goods or services that have not yet been provided. This could include customer deposits or prepaid subscriptions.

9. What is deferred revenue?

Deferred revenue refers to revenue that has been received but not yet earned, such as a subscription or service contract.

10. What is marginal revenue?

Marginal revenue is the revenue earned from selling one additional unit of a product or service.

11. What is a general ledger?

A general ledger is the central record-keeping system that contains all the financial transactions of a business.

12. What is bookkeeping?

Bookkeeping is the process of recording financial transactions in a business's accounting system.

Part 2: Accounting

1. What is equity?

Equity is the residual interest in the assets of a business after deducting its liabilities. In other words, it is the amount of assets that remain with the owners of the business.

2. What is a balance sheet?

A balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time.

3. What is an income statement?

An income statement is a financial statement that reports a company's       revenues, expenses, and net income over a period of time.

4. What is a cash flow statement?

A cash flow statement is a financial statement that reports a company's cash inflows and outflows over a period of time.

5. What is a statement of retained earnings?

A statement of retained earnings is a financial statement that shows changes       in a company's retained earnings over a given period of time. It can be used to track the portion of a company's profits that are not paid out as dividends.

6. What is an Intangible Asset?