Cash, Bank, Equipment and Land are all examples of this...
What is an asset?
100
This term is used to describe a financial event that causes a change in financial position
What is a business transaction?
100
When dealing with the exchange of money, at least this many accounts are altered
What is two?
100
Bills, bills, bills. This term is used to describe bills, invoices and other pieces of paper that include information about the exchange of money.
What are source documents?
100
A single box inside of excel is called this
What is a cell?
200
If assets go up and liabilities go down, the equity will do this
What is go up?
200
With the input and output of cash, the balance sheet is no longer an appropriate method to present data. Instead, the data is transferred onto this, which is ideal for studying and recording changes in financial position
What is an equation analysis sheet?
200
Sometimes two accounts are altered with the exchange of money and sometimes three or more. Regardless, the general accounting equation still must do this
What is balance?
200
GAAP is the abbreviated term for these
What are Generally Accepted Accounting Principles?
200
These greek pillars hold up buildings and if you were to give an athlete a paddle in a boat then he/she will do this. (Oh and you need these two items to make a table in excel)
What are columns and rows?
300
When writing a balance sheet, the title must include these three things
What is Who What When? Who is the owner/business name, what kind of financial sheet is it, when was it accounted for?
300
In this new sheet, these the terms for these two accounts are abbreviated down to their initials
What are Accounts Receivable (A.R.) and Accounts Payable (A.P.)?
300
When it comes to the exchange of money, the owner, above all other accounts, including the seemingly most obvious, wants this account to increase.
What is the capital/equity account?
300
On top of the price of a product or service a business would sell, this extra amount must also be included on the bill
What is tax?
300
Just like a bride dieting to get in her wedding dress, you can use this feature to make sure all of your characters squeeze into one cell
What is shrink to fit?
400
In a balance sheet, assets are ordered based on this
What is the order of liquidity (how quickly items will become cash)?
400
A financial change can effect either one side or both sides of this...
What is the balance sheet?
400
If liabilities increase by $10 000 with no corresponding change in assets, what other account is affected and how?
What is the equity account- which will decrease!
400
This principle states that accounting will be recorded on the basis of objective evidence
What is The Objectivity Principle?
400
To make a cell wider, you can select two or more cells and click this feature to make them one large cell.
What is merge?
500
The article we read about dress shirts, was an example of this type of ownership...
What is a partnership?
500
When an owner chooses to buy a vehicle for $20,000 and pays with cash and credit, these three accounts are affected.
What are the vehicle account, the cash account and the accounts payable account?
500
Good accountants rely on memory, but they also rely on clear thinking, a thorough understanding of accounting theory and this (something we should all use always!)
What is common sense
500
These bills, invoices, cheques, etc., are kept on file for this important purpose (especially for those who just don't trust you!)
What is proof of purchase/transaction?
500
Without having to open something new, I can spread out all of my data onto these separate________. You can make as many as you need!