Accounting-03 Roehampton

A business entity uses a mix of resources to produce _______ for customers. The way they do is called _________. Goods or Services, Business Model. Money, Business Enterprise. Goods or Services, Business Enterprise.

Assets that can be seen and quantified in a business are: Tangible Resources. Intangible Resources. Manage Resources.

An intangible resource in a business could be: Money. Machinery. Reputation.

A resource owned or controlled with the expectation that it will generate a positive economic value. Asset. Audit. Debt.

It is known that a credit customer (debtor) is unable to pay the amount due. Bad debt. Unknown debt. Deep debt.

A statement of the financial position of an entity showing assets, liabilities, and ownership interest at a date. Balance Sheet. Capital Expenditure. Assets control.

An amount of finance provided by the owners or shareholders, to enable a business to acquire assets and sustain its operations. Capital. Assets Control. Balance.

Statements of cash expected to flow into and out of a business over a particular period. Cash flow projections. Capital Expenditure. Assets control.

An asset that is expected to be converted into cash within the trading cycle. Current asset. Cash flow projections. Credit sale.

A liability that is expected to be settled in the entity’s normal operating cycle, generally within 12 months after the balance sheet date. Current liability. Current asset. Trading liability.

Income invoiced, or paid for, in advance resulting in the income being deferred to a later accounting period, to when the service is provided. Deferred income. Deferred liability. Uncurrent income.

Amount paid to a shareholder, out of a company’s post-tax profits, as a reward for investment in the company. Dividend. Equity. Expense.

A description applied to the ordinary share capital of an entity. Equity. Expense. Asset.

Documents presenting accounting information that is expected to have a useful purpose, commonly known as ‘the accounts’. Financial statements. Deferred income. Balance Sheet.

Match the concepts. Expense. Leasing. Profit. Net profit. Net assets. Liquidity. Liabilities. Provision. Shareholders. Sole trader.