Accounting Acronyms Quiz 4

Here are five acronyms or initialisms every Accountant should know. Do you?

1. What does “P&L” stand for?
2. What does “JE” stand for?
3. What does “TB” stand for?
4. What does “A/R” stand for?
5. What does “OPEX” stand for?

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[AccountingStuff]

ANSWERS ⬇️

1. PROFIT & LOSS - A Financial Statement that summarizes a business’s Revenues and Expenses over a period of time.
2. JOURNAL ENTRY - A record of a Financial Transaction, detailing the accounts affected and the amounts debited or credited.
3. TRIAL BALANCE - An Internal Report that lists the balances of all general ledger accounts at a specific point in time.
4. ACCOUNTS RECEIVABLE - The money owed to a business by its customers for goods or services sold on credit.
5. OPERATING EXPENSES - The costs incurred by a business to run its day-to-day operations.

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[onlyacappellaallowed]

4/5

Wasnt familiar with the OPEX, it sounded like a name for a Oil&gas company 😂

[SSeren]

I answered opening expenses with panic. 😂😂

[leenaleena]

What is the journal entry for prepaid insurance??

[leenaleena]

Could u pls upload a video about fund from operation??