Debit or Credit?
Cash
What is Debit?
Cash, Inventory, Accounts Receivable, Accounts Payable
The first rule of accounting is that, net, everything must equal this number.
What is zero?
Inventory
What is Debit?
Operating Income, Current Liabilities, Net Income, Revenue
What is Current Liabilities?
Assets = Liabilites + this last section on the balance sheet
What is Owner's Equity?
Accounts Payable
What is a credit?
Cost of Goods Sold, Selling General and Administrative Expenses, Deprecation and Amortization, Income Taxes Payable
What is Income Taxes Payable?
If I buy back shares in my own company, its called this type of stock. (Hint: It's my favorite concept in accounting)
What is Treasury Stock?
Deferred Revenue
Accrued expenses, prepaid expenses, goodwill, cash
What is accrued expenses?
Think as hard as you can. If you can name a viable way to hide money in accounting (I'll go easy) then I will take the drinks.
You can ask for hints!
Yeet
Goodwill
Name two of the five standard statements included in Financial Statements.
What are Balance Sheet, Income Statement, Statement on Cash Flows, Statement on Comprehensive Income, Statement on Equity?
Bad Debt Expense is this type of account
What is a contra-asset account?