The part of the accounting equation that is dependent on the other two components
What is owner's equity?
100
An entry level person who can either specialize in one area or perform a wide range of tasks
What is an accounting clerk?
200
The legal right to an item
What is a financial claim?
200
Money owed to a business by clients who purchased goods or services on credit
What is accounts receivable?
200
Amount owed to a creditor
What is accounts payable?
200
The order in which financial claims are paid out
What is first liabilities and second owner's equity?
200
An accountant who has met certain criteria, experience and passed a national test
What is a CPA?
300
Assets = Liabilities + Owner's Equity
What is the Accounting Equation?
300
The transactions to purchase of computer equipment with cash
What is an increase to the asset of computer equipment and a decrease to cash?
300
The transaction which made a cash payment for the truck that was purchased on account
What is a decrease to cash and decrease to accounts payable?
300
The transaction inwhich Suzy invests $10,000 to start her business
What is an increase in cash and and increase in owner's equity?
300
A type of accountant who reviews a company's accounting systems and financial statements to confirm they follow generally accepted accounting principles
What is an auditor?
400
An economic event that causes a change in assets, liabilities or owner's equity.
What is a business transaction?
400
The transaction to purchase of a company truck on account
What is an increase to equipment and increase to accounts payable?
400
the name of the transaction when a company buys something on credit
What is purchasing on account?
400
The transaction in which Suzy transferred her personal computer to the business
What is an increase to computer equipment and an increase to owner's equity?
400
A type of accountant who works closely with project managers in areas of billing and reporting
What is a project accountant?
500
Money or other property paid out to produce a profit.
What is an investment?
500
The transaction which sold computer equipment for cash
What is an increase in cash and decrease in computer equipment
500
The transaction which purchased a phone system with a cash down payment and the balance on account
What is an increase to office equipment, decrease in cash and an increase in accounts payable?