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Which account do you assign? (Accounting terms)



 
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Which account do you assign? (Accounting terms) #1 (permalink) Sat Feb 18, 2006 11:07 am   Which account do you assign? (Accounting terms)
 

Business English Lesson, Advanced Level

ESL/EFL Test #107 "Accounting terms", question 1

The customary manner in which a business analyzes and records its ......... is by first entering them into a journal.

(a) transactions
(b) communications
(c) dealings
(d) ventures

Business English Lesson, Advanced Level

ESL/EFL Test #107 "Accounting terms", answer 1

The customary manner in which a business analyzes and records its transactions is by first entering them into a journal.

Correct answer: (a) transactions
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Which account do you assign when you put your personal money into your business

Jesha
Jesha
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Which account do you assign? (Accounting terms) #2 (permalink) Sat Feb 18, 2006 14:06 pm   Which account do you assign? (Accounting terms)
 

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It's been a long time since I had an accounting course, Jesha, and I suppose it will vary according to the type of entity (sole proprietorship, partnership,etc) and the set-up of the books, but personal investment by an owner would be entered under Contributed Capital or something similar.
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Very late tip... #3 (permalink) Wed Sep 20, 2006 0:59 am   Very late tip...
 

I know that my tip arrived very late, but it's better late, then never.

I was taking accounting class recently as well and found a really well written accounting lecture, covering what you need to answer your question.

You can go to simplestudies.com
Pivaeng
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Joined: 20 Sep 2006
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