Business Basics
Service, Merchandizing, Manufacturing
What are Business Types?
Double Entry Accounting basics
What are debits and credits?
Revenues - Expenses for Period
What is an Income Statement?
Deposit Slips, Checks, Statements...
Revenues, Expenses, Draws...
What are Temporary Accounts?
Parntership, Sole, Corporation
What are Business Structures?
Invoices, Receipts, Memos, Checks
What are Source Documents?
Business Net Worth Statement
What is a Balance Sheet?
Process of 'Truing Up" the Cash Account
What is Bank Reconciliation?
Accounting Equation accounts that don't close
Controllers, Clerks, Auditors, CFOs...
What are Accounting Professions, CPAs
Transaction recorded in ledger
What is Journal Entry (Posting)?
Assets = Liabilities + Owner's Equity
What is the Accounting Equation?
Money used by front office/reception
What is Petty Cash?
Information & Finances secured from theft
Business Entity, Revenue Recognition...
Financial Activity recorded collection
What is the General Ledger?
Using Temporary Accounts to report period's experience
What is preparing an Income Statement?
What is Internal Controls?
Accounting Learning Process for Seeing Dr/Cr
What are T-Accounts?
Income Statement, Balance Sheet, Cash Flows
What are Financial Statements?
100 Account v. 120, 140....
What is Chart of Accounts by Liquidity?
Using Permanent Accounts to report ownership on a date
All Accounts listed with DR/CR balance before closing
What is a Trial Balance?
Knowing if an Account should be DR or CR
What are Normal Balances?