Foundation
Transactions
Statements
End of Cycle
Misc.
100
Assets=Liabilities+Owners Equity
What is the accounting equation
100
The original form used to keep track of account changes in one account.
What is the t-chart?
100
These are done at the end of the accounting cycle.
What are financial statements?
100
Entries made to account for assets used during the accounting cycle.
What are adjusting entries?
100
This is what the bank sends to you every month that shows your checks and deposits.
What is a bank statement?
200
Owner's Equity can be described as this.
What is the value of your business
200
Two things that always take place in a transaction.
What are debit and credit?
200
This statement shows net gain or net loss.
What is the income statement?
200
These entries follow the R E I D pattern.
What are closing entries?
200
This is what you have to write down when you post a transaction to a ledger account to show that it has been posted.
What is post reference.
300
This is a required list of all of the accounts in a business.
What is chart of accounts?
300
This is where transactions are recorded.
What is the general journal.
300
All three parts of the accounting equation are shown.
What is the balance sheet?
300
The first step in completing the end-of-cycle accounting.
What is creating a worksheet?
300
This account always carries a credit balance.
What is Sales?
400
Accounting principles that must be followed
What is GAAP?
400
This is what happens when transactions are recored to the ledgers.
What is posting?
400
These show the percent of sales on each part of the income statement.
What are component percentages?
400
Income Summary always closes to this account.
What is Capital?
400
This is created after all the end-of-cycle posting has been completed.
What is post-closing balance?
500
Temporary Owner's Equity Accounts
What are Sales, Expenses, and Drawing?
500
Accounts receivable is a debit and cash is a credit.
What is journalizing for a dishonored check?
500
This account sums up all the other accounts for this particular part of the equation.
What is capital?
500
All of these accounts close at the end of an accounting cycle.
What are temporary accounts?
500
The rule that states debits and credits must always equal.
What is the matching principle?
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