General Accounting
Business Entities
Accounts
Financial Statements, Ledgers and Journals
PotPourri
100
Generally Accepted Accounting Principles
What is GAAP?
100
A Business Entity which is legally separate from its "owners".
What is a Corporation?
100
In the 5 categories of Accounts "Supplies" are considered to be in this category.
What is an ASSET?
100
The Statment that shows both the beginning balance and the ending balance in the Cash Account is called this.
What is the Statement of Cash Flows?
100
FIFO
What is 'First In-First Out' Method of Inventory?
200
FASB
What is Financial Accounting Standards Board?
200
80% of the Businesses in the USA are this type of Business Entity.
What is Sole Propreitorship?
200
Name a Long Term Liability.
What is a Note Payable, a Mortgage Payable?
200
A Straight Horizontal Line with a Vertical Line Down the Center, Debits on the Left and Credits on the Right is called this.
What is a "T-Account"?
200
QuickBooks is this?
What is Accounting System or Accounting Software?
300
Net Income Equation
What is Revenue - Expenses?
300
90% of the Gross Sales of ALL businesses are produced by this type of Business Entity.
What is a Corporation?
300
Fees Earned is in this type of Account Category.
What is Revenue?
300
An Accounts Receiveable Subsidiary Ledger would identify customers that have done this.
What is put purchases or services "on account" or owe accounts receiveable to the business?
300
When trying to determine the Cost of Goods Sold for an assortment of products bought at various prices throughout the year, we would need to do this?
What is Determine an Inventory Method, such as FIFO, LIFO or Average and then determine which items are left in inventory?
400
Sales minus Cost of Goods Sold = Gross Profit Minus Selling Expenses minus Administration Expenses = Net Income
What is the Net Income Equation for a Merchandise or Retail Business?
400
A Business Entity with two or more owners is called this.
What is a partnership?
400
A special type of account that is said to "go against" an Asset is called this. Name the Account and give an example.
What is "Contra Asset" such as Accumumlated Depreciation Building, or Accumulated Depreciation Equipment"?
400
A subsidiary ledger which identifies each Vendor that a business buys from is called this.
What is an Accounts Payable Subsidiary Ledger?
400
Businesses implement these to prevent theft and loss from employees and customers.
What are Internal Controls?
500
The Temporary Accounts we Close at the End of the Period are ....
What are Revenue, Expenses, Drawing and Income Summary?
500
A Business Entity that has Limited Liability is called this?
What is a Corporation, an LLC or an LLP?
500
Prepaid Insurance is considered to be an Asset and Unearned Revenue is considered to be this type of Account.
What is a Liability?
500
There are Four Reports we do for every business. Name the Four Reports in the Order that they must be done.
What is Income Statement, Statement of Owners Equity, Balance Sheet and Statement of Cash Flows?
500
Throwing all your invoices, bills and receipts in a big box and handing them to an account is this.
What is a VERY BAD IDEA and a VERY BAD WAY TO DO ACCOUNTING!
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