vocab
t accts
journalizing
acct cycle
buisness
100
the flow of money in and out of a business.
what is cash flow?
100
on the left
What side does the debit always go on
100
debit
Does debit or credit go first in a journal entry?
100
7
How many steps are there in the accoutingt cycle?
100
manufacturing, merchandising, and service
what are the three types of businesses?
200
property or items of value owned by a business.
What is an asset?
200
LCR
AWE and ?
200
source document
After you have journalized credit what comes after?
200
7 steps towards journalizing
What is the basic meaning of the accounting cycle?
200
manufacturing
Which business type takes raw materials and sells them to merchandising businesses?
300
The owner's claim to the assets of the business
What is owners equity?
300
liability, caqpital, revenue
name the long version of LCR.
300
2 T accounts
How many T accounts do you need to make one journalization ?
300
A = L + OE
What is the accounting equation ?
300
bankers
Who cares about your financial statement ?
400
the creditors claim to the assets of the business.
What are liabilities?
400
AWE
Which accounts increase on the debit side ?
400
Equipment/assets
What account would a lawnmower go under?
400
analyze each transaction.
What is the second step of the accounting cycle?
400
Easy to set up all profits fo to owner owner has total control few regulations to follow
What are the advantaqges of a sole proprietorship?
500
Independently of its owners personal holdings.
how does buisness entity exist?
500
A list of all accounts and their assigned account numbers.
what is a chart of accounts?
500
More then Mike
How much can Harold bench?
500
as many as he pleases
How many ladies can Harold get in one day???????
500
Internal Revenue Service
What is the IRS?
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