Accounting I Study

Accounting Equation

100

The basic form of the accounting equation.

Asset=Liability+Equity

200

The amount of assets of a company if they have $2000 in liabilities and $1000 in equity.

$3000

300

What brand of mints were named after the sound they make in their containers?

Tic Tacs

400

If a company has $80,000 in assets, and $40,000 in liabilities, its equity has to be this amount.

$40,000

500

Scotts Camera Company starts the year with $20,000 in assets and $15,000 in liability. They end the year with $27,000 in assets and only $12,000 in debt. The change in equity is...

+$10,000

Financial Statements

100

The 3 most used financial statements (not the statement of cash flows)

Income statement, statement of retained earnings, balance sheet

200

Which statement shows the accounting equation?

Balance sheet

300

In order from top to bottom, what goes on the top three lines of every financial statement.

Name of company

Type of financial statement

Month/Year ending _________

400

How old was the person who named the planet "Pluto" (Within +/-5 years)

11

(8-14 will be accepted)

500

If you have a beginning RE of 4,300, you have a net (loss) of (3,400) and you pay out 500 in dividends, what is your ending RE 

End RE= $400

Business Transactions.

100

Susie issued $100,000 in common stock

Assets (cash) increase

Equity (CS) increase

200

You pay $3,000 cash for a piece of land

Asset (cash) decrease

Asset (land) increase

300

You complete a service and get paid $500 cash

Asset (cash) increase

Equity (Service Revenue) increase

400

You pay $2000 cash to someone you owed from buying a cow saddle.

Assets (cash) decrease

Liability (Acct. Payable) decrease

500

Which of Dr. Seuss' books did he write as a part of a bet? 

Green eggs & ham

Asset, Liability, or Equity

100

Notes Payable

Liability

200

What year was youtube founded? (Will accept answers within 2 years)

2005 (will accept 2003-2007)

300

Accounts Receivable 

Asset

400

Tax Expense

Equity

500

Common stock

Equity

Miscellaneous

100

This type of accounting that deals with external information.

Financial Accounting

200

This is a financial examination of a company's financial records.

Audit

300

What color are sunsets on Mars?

Blue

400

GAAP stands for this

Generally accepted accounting principles

500

This organization has the primary responsibility for formulating accounting standards.

FASB or Financial Accounting Standards Board