General Ledger
a book in which all the accounts of a business enterprise are maintained.
What is the General Ledger
Inventory valuation method based on the assumption that assets produced or acquired last are the first to be expensed.
What is LIFO
The financial statement that shows you the company's income and expenditures
What is the income statement
What is bikini bottom
the process of transferring entries from the journal accounts to the ledger accounts.
What is Posting?
The summary line on the income statement affected as a result of an error in performing the physical count of inventory at the end of the accounting period.
What is net income?
The process of eliminating all income and expense accounts at the end of a fiscal period.
What is closing?
The song Aladdin and Jasmine sang on the flying carpet
What is "A Whole New World"?
The process of making certain your bank statement matches the cash balance in your general ledger
What is Reconciliation?
What you add to your inventory balance and count when they arrive at your site.
What are purchases?
Amounts earned by a company in its main operating activities._.
What are revenues?
The number of Lightning McQueen's car.
What is 95?
The 5 sections in a general ledger
What are assets, liabilities, revenues, expenses, and owner's equity.
The process of altering an inventory balance at the end of the fiscal period to prevent overstatement due to pricing drops.
What is determining the lower of cost or market?
What a company reports when the amount they receive for disposing of old equipment exceeds its book value.
What is a gain
The name of the Disney Princess who celebrates Mardi Gras.
The list of accounts for a company's general ledger.
What is the chart of accounts
Misty, Inc. had 24,000 units of ending inventory that were recorded at the cost of $8.00 per unit using the FIFO method. The current replacement cost is $4.50 per unit. The total value that should be reported on the financial statements.
What is $108,000.
The amount reported on an income statement after revenue and expenses are combined.
What is net income?
The names of the 3 gargoyles in The Hunchback of Notre Dame.
Victor, Hugo, and Laverne