1
Q
Explain the difference between an Accounts Receivable and an Accounts Payable.
A
One of the accounts are receiving money and the other is taking out money
2
Q
Explain the three accounting concepts
A
- Provide information to people who need to make decisions about the business
- Ensure accountability
- Evaluate the performance of the business
3
Q
Explain why a business should keep financial records
A
To provide financial information to people who need to make important decisions about the business
To have proof to gain back taxes and money
To know how to plan for a better future
