Ledger & Accounts
The accounting record that contains all accounts used by a business.
What is a general ledger?
An internal document used to organize account balances before preparing statements.
What is a worksheet?
This statement shows revenue and expenses.
What is an income statement?
A bank account used for deposits and payments.
What is a checking account?
“Just keep swimming…”
What is Finding Nemo?
The process of transferring journal entries to ledger accounts.
What is posting?
Changes made to accounts at the end of a fiscal period.
What are adjustments (adjusting entries)?
This statement shows assets, liabilities, and owner’s equity.
What is a balance sheet?
Earnings after deductions.
What is net pay?
“Oops!... I did it again… I played with your heart”
What is Oops!... I Did It Again (Britney Spears)?
This type of account normally has a debit balance and represents resources owned.
What is an asset?
When supplies are used, this account increases.
What is Supplies Expense?
The balance sheet shows that this formula is in balance.
What is the Accounting Equation?
A signature on the back of a check.
What is an endorsement?
“You’re killin’ me, Smalls!”
What is The Sandlot?
This account is used to represent when the owner takes money out of the business for personal use and has a normal debit balance.
What is Drawing?
If expenses are greater than revenue, the business has this result.
What is a net loss?
When revenue is greater than expenses, this occurs.
What is net income?
A check that the bank refuses to pay.
What is a dishonored check?
“I’m the king of the world!”
What is Titanic?
The list used to verify that total debits equal total credits.
What is a trial balance?
The time period a business uses to report financial information.
What is a fiscal period?
The three parts of a financial statement heading.
What are company name, report name, and date?
A check that cannot be cashed until a future date.
What is a postdated check?
"She grew up in an Indiana town"