Accounting 101
Financial Statements
Balance Sheet
Journal Entries
Miscellaneous
100
What are current assets
What are the assets that can be easily turned into cash. Usually assets in the period of a year?
100
What are financial statements
What are documents created to report the financial position of a business?
100
What is a balance sheet
What is a statement that lists its assets, liabilities, and equity?
100
What is a journal
What is a record of all the transactions occurring in the business?
100
What is "Assets = Liabilities + Stockholder's equity"
What is the accounting equation?
200
What are expenses
What is the cost of everything but the cost of goods sold?
200
Form 10-K
What is the annual report to the SEC that contains the financial statements of a publicly-traded corporation?
200
The normal balance for this account is a credit and something we owe
What is a liability account?
200
Business transactions are first recorded in the
What is the journal?
200
A liability due within the year is called what
What is a current liability?
300
What is accounts payable
What is a liability that results from buying goods and services on credit?
300
Cash Provided/used in investing activities
What is the amount spent for capital expenditures and will be reported in which section of the statement of cash flows?
300
State of Financial Position
What is another name for the balance sheet?
300
The account name for accumulated depreciation
What is a contra account?
300
The right side of the account is the
What is credit side?
400
What is a creditor
What is the term for somebody the business owes money?
400
Depreciation Expense
What is a positive amount on a statement of cash flows that was prepared using the indirect method?
400
Prepaid insurance is what type of account
What is an asset account?
400
This adjusting entry is often reversed on the first day of the next accounting period
What is accrual?
400
A petty cash fund is type of account
What is an asset?
500
What is depreciation
What is the loss of value of an asset over time?
500
Significant Accounting Policies
What is usually presented first in the notes to the financial statements?
500
The normal balance for an asset account
What is a debit account?
500
In the case of a company deferring insurance expense, this procedure comes first
What is paying the insurance company?
500
Revenue is recognized in the accounting records when
What is when services are carried out?
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