Terms
Anything of value that is owned
What is assets
What side are the credits located on a T account?
Right Side
Accountants call any business activity that changes the assets, liabilities, or owner's equity is?
What is a transaction
What is prepaid insurance classified as?
What is an asset
What is language of business
Difference between assets and liabilities
What is Equity
The normal balance is located on what side of a T account when dealing with Assets?
Debits Side
A record that summarizes all the accounting equations is called?
An account
Cash, Supplies, Accounts Payable, Equipment, Accounts Receivable, which one is NOT an Asset?
What was Ms. Miller's degree in at UW-Whitewater
Finance
The difference between personal assets and personal liabilites
What is personal net worth
With Assets, Credits increase or decrease
What is Decrease
What 2 accounts are affected in this next transaction .....Paid cash for supplies?
What are cash and supplies
What year did Mr. Zolecki graduate from High School?
What is 1990
What is the Mascot at UW-Platteville?
What is Pioneers
______ is a planned process designed to compile financial data and summarize the the results in accounting records and reports
What is accounting system
With Owner's Equity ...Debits increase or Decrease?
what is cash and sales
A company sold services on account to Main Street Services....In the Accounts Receivable Main Street account the debit increases....what happens to Sales
What is the credit is increased
What soft drink is known for having 23 flavors
Dr. Pepper
What is the accounting equation
What is the Credit side or right side
What 2 accounts are affected with this transaction....MZ withdrew equity in the form of cash?
Mr. Z- Drawing and cash
What year did the Milwaukee Bucks with the NBA Championship?
What is 1971
Assets = Liabilities + Equity