Accounting Principles
What is the difference between an Asset and a Liability?
An Asset is something you own.
A Liability is something you owe.
Accounting device used to analyze transactions
T-Account
How many Journals do you write in with one business transaction?
1
How many ledgers do you write in with one business transaction?
2
Prove that you have a login created.
(show login screen for 100 points)
What does GAAP stand for?
Generally Accepted Accounting Principles
What account title would it be considered if you owed money?
Accounts Payable
How would you write each of the below Source Documents in a General Journal?
Check #3
Receipt 1
Calculator Tape 5
C3
R1
T5
What are the 500-570 Account Numbers considered?
Expenses
How many chapters are in our Cengage course?
4
8
24
28
24
Write the Accounting Equation and the Debit/Credit for each part of the Accounting Equation.
Assets = Liabilities + Equity
D/C = D/C + D/C
inc/dec = dec/inc + dec/inc
The recording of debit and credit parts of a transaction
Double-entry accounting
What order are transactions listed by?
chronological
Account Numbers 310 and 320 correspond with which Account Titles?
Capital and Drawing
How many units are in our Cengage course?
2
4
6
16
4
What is the Account Title for an investment?
Capital
Amount to be received in the future due to sale of goods or services
Accounts Receivable
A source document for recording a sale on account
Sales Invoice
1- Received Cash as an investment
2- Paid Cash for Supplies
3- Received Cash from Sales
4- Sold Services on Account
How many ledgers would you write in?
5 (cash, capital, supplies, sales, accounts receivable)
Which one of the following is NOT a problem at the end of a chapter?
Application Problem
Mastery Problem
Practice Problem
Challenge Problem
Practice Problem
What is the Account Title for Sold Services on Account?
Sales
Side of the account that is increased
Normal Balance
brief message is written to describe a transaction
memorandum
In a Cash ledger, if you debit 500, then credit 600, then debit 400, then credit 200:
What are you going to write in balance section?
In the Debit column? And the Credit column?
Debit 100
Credit 0
What are the two types of problems after each section?
"Work __________"
"Work __________"
Work Together
Work On-Your-Own