Chapter 5
This is the account in which the most errors occur in accounting.
What is Cash?
The length of time for which a business summarizes financial information and reports its financial performance.
What is a Fiscal Period?
this practice is used to assist users internal to the company in making well-informed business decisions.
What is managerial accounting?
This is the college that noted Accounting fan Josh Allen played college football for.
What is Wyoming?
This is when you should hit the FINAL submit button on Cengage, AND agree that you are sure you wish to submit for a final grade (@Noah & @Tage).
What is when you have completed every section of the assignment?
These are completed by an owner to deposit an amount into a bank account.
What are deposit slips?
This is the journalization when the amount of insurance used is adjusted.
What is a debit to insurance expense and a credit prepaid insurance?
This is the heading for a balance sheet.
What is company name, balance sheet, exact date?
These are the MAIN tool that you should use to study for the midterm. (We go through them together in class)
What are the working papers?
This is the name of the man who recently won the GOAT competition on Jeopardy.
Who is Ken Jennings?
Cash Short and Over is considered this.
What is an expense?
This is the financial document in which net income is calculated.
What is income statement?
This is what an amount written in parentheses on a financial statement indicates.
What is a negative number?
When completing Current Capital in Cengage, this is the extra step that they add that must be completed.
What is subtracting NI (Net Income) - D (Drawing), before adding to the original capital?
This is what a fully licensed practicing accountant is known as.
What is a CPA?
When cash is short, the journal entry to replenish petty cash is this.
What is a debit to petty cash and a credit to cash?
This financial statement shows the current picture of a business on one specific day.
What is a balance sheet?
This is the current capital formula.
What is CC (Current Capital) = C (Original Capital) + NI (Net Income) - D (Drawing)?
This is the state that noted Accounting fan Josh Allen grew up in.
What is California?
This is how you know if you have net income or net loss.
What is the comparison of Total Revenues and Total Expenses?
This is the phrase used to know who a check is being paid to.
What is pay to the order of?
These two business statements that we have talked about are completed over a fiscal period, and their headings show this.
What are income statements and worksheets?
This is how total expenses component percentage would be calculated.
What is Total Expenses/Total Sales?
This is the previous name of Cengage (What Mrs. Marchioli may refer to it as).
What is Applia?
Mr. Frank will miss you guys :(
This is what we did on the very first day of school in Accounting.
What is answer riddles from the internet?