Accounting 1
It is anything a company owns.
What is an asset?
Any assets left over after deducting all liabilities.
What is Equity?
What is Liability?
It is a bookkeeping and accounting method.
What is Double Entry?
It is on the right side of the T account.
What is Credit?
Viewpoint described, "Accounting is an art and science."
What is Structural Viewpoint?
Account type of land.
What is an Asset?
Full meaning of GAAP.
What is Generally Accepted Accounting Principles?
The basic accounting equation formula.
What is Assets = Liabilities + Equity?
Viewpoint described "Communication of accounting information."
What is Functional viewpoint?
It is the fifth step in accounting process.
What is Summarizing?
This begins with the analysis of transactions.
What is Accounting Cycle?
This refers to an entry on the left side of an account ledger.
What is Debit?
Shows how a company’s assets, liabilities, and equity are related and how a change in one typically results in a change to another.
What is Accounting Equation?
A payment that a business owes during the current accounting cycle but hasn't paid yet.
What is an Accrual?
The effect on cash when purchasing supplies.
What is Decrease?
Transactions that a business didn't record at the time.
What are Missing Transactions?
The purpose of this branch of accounting is to ascertain the cost, control the cost, and communicate information for decision-making.
What is Cost Accounting?
The purpose of this branch of accounting is to supply any and all information that management may need in taking decisions and to evaluate the impact of its decisions and actions.
What is Management Accounting?
These adjustments help a business add tax deductions to its financial transactions.
What are Tax Adjustments?
The cost of consuming assets.
What is expense?
Another term for income.
What is revenue?
The journal entry of purchasing of an equipment using cash.
What is Debit Equipment, Credit Cash?
It is a normal balance of equity.
What is Credit?
When goods or services are exchanged for money or money's worth.
What is Transaction?