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KIN356ProblemSet1 - G riffin Warner K IN356 Problem Set#1 1...

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Griffin Warner KIN356 Problem Set #1 1) Ledger- The book where business transactions are recorded. It tracks what comes in and what comes out. EX: The spreadsheets I made for questions 9 and 10 are ledgers. 2) Accounts Receivable- The money owed to a company by entities outside of the company. EX: When a customer purchases a new car, payments on it aren’t due until the next year so the money owed would fall under this category. 3) Accrued Expense- Money owed that hasn’t been paid, but is still considered an expense. EX: Interest on a loan from a bank would be considered an expense, although it wouldn’t be fully paid back until the loan is completely paid off. 4) Owner’s Equity- The value associated with the company in terms of a combination of financial worth along with property value, etc. EX: The owner of a company sees value in the revenue he or she generates per year, but there are also other assets like property, market share, and/or other business relationships that add to the company’s worth.
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