Quiz 3: Introduction to Accounting

It manages and allocates costs. Also derive from financial; accounting

It summarizes all the financial impacts of the business process.

A balance sheet is a snapshot of the organization's asset, liabilities and owners equity. 

It indicates the company's financial position over a period of time.

Any resource owned and controlled by a business, such as a building, land , machine, or equipment

Each account is assigned a unique account number.

These are reports about a company's cash flow .

These are internal divisions of an enterprise that are use to define areas of responsibility of an enterprise segment.

Account payable accounting manages money owed by customers for goods and services sold to them.

The division is an enterprise for which management monitors performance separately from other segments.

A list of accounts that can be included in a general ledger is called a reconciliation account.

These are the company's obligations to other parties.

The general ledger accounts consolidate data from a group of related subsidiary accounts. It is called a subsidiary ledger.

It refers to the total amount of income generated by the sales of goods and services.

When the line item display is enabled, a link to the line items that are included in account balances is maintained.