Account Categories
What are Revenue Accounts?
A report that lists all of the accounts in the general ledger and their unique number.
What is The Chart of Accounts?
What is Assets?
If you have one line that is debiting an account, this next line is also required.
Production managers, Human Resource Manager, Purchasing Manager and Vice Presidents are examples of these users of the company.
What are Internal Users?
The accounts that gather the value of the owner's stake in the business and the amount they have withdrawn during the period.
What is Owner's Capital and Owner's Withdrawals?
The statement that shows revenue, expenses and calculates Net Income (Loss).
What is the Income Statement?
The two types of Equity accounts that do not increase with a credit.
What are Owner, Withdrawals and Expenses?
This is required to note when a transaction has taken place.
What is the journal entry date?
The calculation found by taking Net Income divided by Average total assets that reflects the ability to generate income through use of its assets.
What is the Return on Assets?
An account that totals the amount spent in order to do business.
What are Expenses?
A listing of all general ledger accounts and their balance at a given point in time.
What is the Trial Balance?
The accounts that have a normal balance of a Debit.
What are Assets, Owner's Withdrawals and Expenses?
This should be the first line of the entry if you are entering it correctly.
What are the debit account and amount.
External Auditors, Regulators, Stockholders, and Creditors are examples of these type of users of the company.
What are external users?
An account that adds up what a company owns.
What are Assets?
The statement that proves the accounting equation, Assets = Liabilities + Equity.
What is the Balance Sheet?
The overall category that is made up of Owner, Capital, Owner, Withdrawals, Revenues and Expenses.
What is Equity?
What is the journal entry description?
The calculation of Total Liabilities divided by Total Assets that determines the company's ability to pay its future obligations.
What is The Debit Ratio?
An Account that represents the amount that is owed to other individuals and companies.
What are Liabilities?
The statement that reflects the changes in Owner's equity during the current period.
What is the Statement of Owner's Equity?
Liabilities, Owner's Capital and Revenues have a normal balance of this.
What is a Credit?
This next step is completed once the journal entry has been entered and it is ready to be made permanent.
What is Posting?
This criminal shape represents the three things that need to be in place for a company to be at risk.
What is the Fraud Triangle?