Accounting Cylce
Accounting Equation
Posting Process
General Journal
Trial Balance
100
The first step in the accounting cycle.
What is to collect and verify source documents?
100
The Accounting Equation.
What is assest = liabilities + owner's equity
100
Drawing a line across a balance.
What is zeroing out a balance?
100
The book that has all transactions recorded.
What is the general journal?
100
The trial balance.
What is a list of all accounts and their current balances?
200
Period for which a business begins on January 1st and ends on December 31st.
What is a calendar year?
200
Rent, Utilities, and Advertising.
What is Expenses?
200
The number of steps in the posting process.
What is the 7 steps?
200
The column where the account number is written.
What is the post reference column?
200
The three W's in the heading.
What is Who, What, and When?
300
The 7th step in the accounting cycle.
What is prepare a work sheet?
300
When a business or individual buys an item on credit.
What is On Account?
300
The posting process step that uses the posting ref. column.
What is the 6th step in the posting process?
300
This is written in the third line of each entry, below the account names.
What is the source document?
300
The number of general ledger accounts included in the trial balance.
What is all of them?
400
An accounting period of twelve month.
What is a fiscal year?
400
Legal rights to an item.
What is Financial Claims?
400
The amount posted is a debit, Add the amount. The amount posted is a credit, Subtract the amounts.
What is the existing account balance is a debit?
400
This is written in the first and second columns of the General Journal.
What is the date?
400
The trial balance proves it.
What is the ledger?
500
The 4th step for recording a transaction in the general journal.
What is Name of the account credited?
500
An efficent way to apply double entry accounting.
What is purpose of a T-Account?
500
The size of the business, the number of transactions, and whether the accounting system is manual or computerized.
What is conditions that affect posting?
500
The account that is posted first.
What is the debit account?
500
An error that occurs when two digits in an amount are accidentally reversed.
What is a transposition error?
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