Definitions
Equations
Examples
AKPSI
100
Something a business owns that has vaule
What is an asset
100
The accounting equation
What is assets= liabilities + equity
100
Cash, Accounts Receivable, office supplies, and land are examples of what?
What is assets
100
Where do you send payments of the invoices emailed to you?
What is the Heritage Center
200
This financial statement is a summary of revenue and expenses
What is the income statement
200
Net Income = ____________ - ______________
What is Revenue - Expenses
200
Accounts payable is an example of a what?
What is a liability
200
When are membership dues due by in the fall?
What is October 15
300
This financial statement mirrors the accounting equation
What is the balance sheet
300
Equity = ________________ + ____________________
What is Common Stock + Retained Earnings
300
Proprietorship, partnership, corporations, not-for-profit are examples of
What is types of business organizations
300
What IRS form must be completed every year
What is the 990-N form
400
An obligation to pay cash in the near future
What is accounts payable
400
In the rules of debits and credits, a debit in liabilities is an increase or decrease
What is a decrease
400
Deposits in transit, Outstanding Checks, and Bank errors would be on this report
What is a bank reconciliation
400
How much is it to reinstate a brother?
What is $47.50
500
The record holds all the accounts with their balances
What is a ledger
500
Beginning Retained Earnings + Net Income -___________ = Ending Retained earnings
What is Dividends
500
Prepaid expenses, depreciation, accrued revenues and expenses, and unearned revenue are types of what?
What is Adjusting Entries
500
What is our organization code that gives the fraternity non-profit status?
What is 501 (c) 7
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