It's a Con
"T" please
Got "Class"?
Think "in the box"
Potpourri
100
Using a common unit of measurement means you are following this generally accepted accounting concept.
What is Unit of Measurement?
100
When an owner withdraws assets from the business, which side of the Drawing account would be increased?
What is the debit side?
100
The classification in the general ledger in which "Sales--Window Washing" is located is this.
What is "Revenue"?
100
This moves amounts from a journal to a ledger.
What is "posting"?
100
This number is used on the chart of account to indicate the first revenue account.
What is a "4"?
200
Revenue is recorded at the time goods or services are sold is following this concept.
What is Realization of Revenue?
200
In this type of accounting, there must be an equal value of debits and credits in order to be in balance.
What is "Double-Entry" accounting.
200
This account is classified as an asset and is used to keep small amounts of cash readily available for small purchases.
What is "petty cash".
200
This is what you enter in your journal.
What is a "transaction"?
200
This "E" journal is used when special amount columns are needed to record entries that occur often.
What is an "expanded" journal?
300
Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period demonstrates this concept.
What is Matching Expenses with Revenue?
300
When adjusting the supplies account, the entry recorded on the credit side of the supplies account would represent this.
What is the amount of supplies used during the fiscal period.
300
Bill Baily asked "Swifty Sweep" to vacuum his office and accept payment at a later date, this account was debited.
What is "accounts receivable, Bill Baily".
300
When reconciling the bank statement, this is deducted from the balance on the last check stub if the statement includes one.
What is a "service charge"?
300
These 3 questions are answered by reading the top lines of most accounting forms.
What is "who", "what", "when"?
400
Financial statements are prepared with the expectation that a business will remain in operation indefinitely reflects this concept.
What is Going Concern?
400
When adjusting the prepaid insurance account, the amount extended to the balance sheet on the worksheet would represent this.
What is the balance of prepaid insurance remaining at the end of the fiscal period?
400
When Lou Zer gave Sue Herr a bad check, Sue had to make this entry in her journal after notification from the bank that the check was no good.
What is "debit A/R Lou Zer, credit cash"
400
When moving totals from the bottom of page 1 of the journal to the top of page 2, this is written in the account title column at the bottom of page 1.
What is "brought forward"?
400
A check mark in the account title column of the journal indicates this entry recorded this type of sales.
What is "cash and credit card" sales?
500
When financial information is recorded and reported separately from the owner's personal financial information, this concept is followed.
What is Business Entity.
500
The owner of a business gave his personal van to the business. To record this entry in T-accounts, these accounts would be debited and credited.
What is debit "Automobile" and credit "Capital"
500
"Fancy Pants" clothing store gave the Arrowettes a $5 donation, spent $15 on "Sadd" candles, $10 on a "rivalry" shirt, and $20 on chocolate candy. This entry would increase the amount of money kept on hand for small items.
What is "debit petty cash, and credit cash"?
500
This source document is written in the "doc no" column of the journal when a correcting entry is made.
What is a "memorandum"?
500
This word means putting money back into a drawer/box that is kept for small purchases, and is spelled like this in the "ing form".
What is "r e p l e n i s h i n g"?
M
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