Basics
T Accounts
Journals & Ledger
Concepts
100
The accounting equation.
What is A=L+OE
100
The normal balance side for Expenses.
What is debit.
100
Name at least 3 source documents.
What is Check, Sales Invoice, Receipt, Memorandum, & Calculator Tape.
100

Financial information is recorded and reported separately from the owner’s personal financial information.

Business Entity

200
What is the normal balance side for an asset?
What is debit side
200
The decrease side for Revenue.
What is debit.
200
This is written in the Post Ref. column of the ledger when journalizing and the Post Ref. column of the journal when posting
What is the journal page number and ledger account number.
200

Changes in financial information are reported for a specific period of time in the form of financial statements

Accounting Period Cycle

300
The amount remaining after the value of all liabilities is subtracted from the value of all the assets. 2x DAILY DOUBLE 2x
What is Owner's Equity.
300
Drawing decreases Owner's Equity, which is shown on this side.
What is credit.
300
When journalizing the following transaction, determine which accounts are to be debited or credited. Paid cash to owner for personal use.
What is Debit Drawing & Credit Cash.
300

Financial statements contain all information necessary to understand a business’s financial condition

Full Disclosure

400
Accounts that increase Owner's Equity. (Hint: Normal balance is on the credit side & I'm looking for 2 of them)
What is Capital and Revenue.
400
The increase side for Accts. Pay.
What is credit.
400
When journalizing the following transaction, determine which accounts are to be debited or credited. Received cash on account.
What is Debit Cash & Credit Accts. Rec.
400

a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information.

GAAP, or Generally Accepted Accounting Principles

500
Accounts that decrease Owner's Equity. (Hint: Normal balance is on the debit side and looking for 2.)
What is Drawing and Expenses.
500
Sales is this type of account, but is classified as Owner's Equity.
What is revenue.
500
The names of all of your accounts with account numbers can be organized in...
What is the chart of acccounts
500

Determining that the amount of cash agrees with the balance of the cash account in the accounting records.

Proving cash

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