1) Accounts Receivable  a) This is the total amount of money owed to a business. b) This is property and other items of value owned by a business. 2) Assets a) This is property and other items of value owned by a business. b) Examples of these include: insurance, payroll, utility, bills and rent. 3) Revenue a) This occurs when revenues exceed expenses. b) The amount of money that a company receives during during a specific period of time.  4) Operating Expenses a) Examples of these include: insurance, payroll, utility, bills and rent.  b) This occurs when expenses exceed revenues. 5) Accounting a) The systematic process of recording and reporting the financial position of a business. b) This represents the short-term liabilities that a business owes to creditors. 6) Accounts Payable a) This represents the short-term liabilities that a business owes to creditors. b) This is property and other items of value owned by a business. 7) Invoice a) A source document that verifies a financial transaction. b) This occurs when revenues exceed expenses. 8) Liabilities a) Debts and obligations of the business they represent as creditor's claim on business assets. b) A source document that verifies a financial transaction.

Accounting Detective Review Terms

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