7-1
Comparing values in a revenue statement using percentages.
Vertical analysis.
What does the statement of Owner's Equity report
Shows changes in the owner's capital.
How do you close a temporary account with 300 debit?
The closing entry must be 300 credit.
What is the first step of a Post-Closing Trial Balance?
Write the heading.
Who is ReadyMed's number one patient?
Chad
The type of accounting designated for sharing information by the manager.
Managerial Accounting
Name 3 of the 4 sections of the balance sheet.
- Heading
- Assets
- Liabilities
- Owner's Equity
What is an example of a temporary account.
One of the following:
- Revenue
- Expense
- Owner Drawing
The series of accounting activities included in recording financial information for a fiscal period.
Accounting cycle.
What is the best TV show
Impractical Jokers
The type of accounting that shares information with others outside the functions of the business.
Financial account
What is the only account recorded under Owner's Equity on a balance sheet?
Capital
What is the other name for a permanent account?
A real account.
A trial balance prepared after the closing entries are posted.
Post-closing trial balance.
What did we learn on the first accounting lesson
- At least 2 accounts
- Accounts used must balance
What is the comparison between two components of financial information called?
Financial ratio.
What is the purpose of chapter 7?
Summarizing the information gathered in previous chapters to report it easily to both external and internal users.
In what order do you close your temporary accounts.
1. Revenues
2. Expenses
3. Income Summary
4. Drawings
Why are lines drawn in both Balance Debit and Balance credit columns when an account has a zero balance?
The lines assure a reader that a balance has not been ommited.
What's Mrs. Bilos favourite colour?
Green
What is the calculation and interpretation of a financial ratio called?
Ratio analysis
What is full disclosure
When financial statements contain all information necessary to understand the business's condition.
Why is income summary a unique temporary account?
It does not have a normal balance.
What is the first step in the accounting cycle?
What is Sam Dini's Chinese name (pronounced correctly)
Hua Yao Yang