Source Documents
This source document is used when cash is received.
What is a Cash Sales Receipt?
This type of account is an increase in equity due to selling a good or service?
What is a revenue?
First step of the accounting cycle
What is transactions occurred.
An investment increases what?
What is owner's equity or capital?
A source document is ____ that a transaction has occurred?
What is proof or evidence?
These key words "Sale on Account" help to determine this type of source document
What is a Sales Invoice
The sequence of business activities that keep records in order is called this?
What is accounting cycle?
This is how many steps of the accounting cycle according to our chart.
What is 8
Paying an electric bill is what type of expense
What is utility expense?
These two types of accounts help determine the Net Income or Net Loss for a company in a given time period
What are expense and revenue?
What is the source document that shows the date, items purchased, quantity, and total cost of items purchased?
What is an Purchase Invoice.
Revenue is to be recorded in the accounts at the time the transaction is completed
What is revenue recognition principle
Anytime you pay with a check this gets credited
What is cash in bank?
These two accounts on the balance sheet follow the same debit and credit rules
What are liabilities and Owner's equity?
Any business paper that verifies a transaction has occurred is called this?
What is a source document.
Each expense item related to revenue earned must be recorded in the same period as the revenue it helped to earn
What is the matching principle
Anytime you pay off debt this gets debited
What is Accounts payable?
When you buy office supplies this gets debited
What is office supplies?
If you repair a piece of equipment this is classified as what type of account?
What is an expense?
A computerized sales register that allows a business and its customers to exchange funds electronically.
What is a point of sale summary
What is an accounting period also referred to as?
Fiscal periods.
All expenses that are increased get recorded on this side
What is a debit?
When you make a withdrawal these two accounts are affected
What is drawings and cash in bank?
If you receive $550 for providing professional services to a client, what two accounts are affected?
What is revenue and cash in bank?