The Accounting Concept from Appendix C in the textbook that says that "Financial information is recorded and reported separately from the owner's personal financial information."
What is Business Entity?
100
The name of the two accounts affected by an adjustment for supplies are:
What are Supplies and Supplies Expense?
100
journal entries recorded in the worksheet to update the general ledger account balances at the end of a fiscal period?
What are adjusting entries?
200
A columnar accounting form used to summarize the financial information for one fiscal period and find out the amount of net income or net loss for the fiscal period.
What is a worksheet?
200
The principles of right and wrong that guide a person in making decisions.
What are ethics?
200
The two journal columns used to pay cash for the rent are:
What are General Debit and Cash Credit?
200
A journal amount column that is not headed with an account title.
What is a General Amount Column?
300
A list of accounts used by a business.
What is the Chart of Accounts?
300
The type of business ownership where there can be thousands of owners.
What is a corporation?
300
the Accounting Concept from Appendix C in the textbook that says, "A source document is prepared for each transaction."
What is Objective Evidence?
300
This terms describes how easily an asset can be converted into cash.
What is liquidity?
400
A form on which a brief message is written that describes a transaction. This form is used as the source document.
What is memorandum?
400
A business that makes rocking chairs is which type of business: merchandising, manufacturing, or service.
What is manufacturing?
400
As long as these are equal, you can assume your account balances are correct.
What are debits and credits?
400
The reason there is a check mark in the Account Title column in a multi-column journal.
What is "Both the debit and credit amounts are going into special amount columns and not the general columns."
400
Determining that the amount of cash in your checkbook agrees with the amount of cash in your accounting records.
What is proving cash?
500
An equation showing the relationship among assets, liabilities, and owner's equity.
What is the Accounting Equation?
500
The questions you ask yourself when faced with an ethical decision to make:
1. Is this action illegal?
2. Is it against school or company policy?
3. ________________________?
What is Who Else will be affected by my decision?
500
Given the following amounts, calculate the amount of the adjustment for the Prepaid Insurance account:
Prepaid Ins. Beg. of Period Balance: 600
Prepaid Ins. Value at End of Period: 450
What is $150.
500
A journal entry made to correct an error in a previous journal entry?
What is a correcting entry?
500
A business form used as a source document that is given to someone as written acknowledgement that cash was received.