Introduction to Accounting: Fill in the Blanks FAQs
Merchandise is used to describe any such product that you can buy or sell, including groceries in a supermarket, clothes in a retail store and electronics on a website.
In accounting, Drawing generally refers to the action of taking funds from an account or company holdings for personal use.
Bookkeepers record, categorize, and total all of an organization’s financial transactions. They record debits (costs) and credits (income). They also produce Financial Statements and other reports for supervisors and managers.
Working Capital is a company's net amount of cash, Accounts Receivable, and inventories minus its net amount of liabilities, such as its debts and unpaid bills.
Fixed Assets are assets that a company uses to produce its goods and services, including buildings, machinery, vehicles, computers and electronic equipment, and furniture.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.