Managerial Accounting
This is a report that lists all of the amounts customers owe and groups the amounts owed into categories that show if the amounts customer's owe are current or past due.
What is the Accounts Receivable Aging Report.
These are items owned that have monetary value.
What are assets?
Business that sell products have this special section in their Income Statement.
What is Cost of Goods Sold or "COGS"?
This is what GAAP stands for.
What are generally accepted accounting principles?
When expenses exceed revenues, the company's bottom line is said to be "in" this color.
What is "in the red"?
Managerial, or management accounting is the language for these users of accounting.
Who are internal users?
This is also the Balance Sheet equation.
What is the Accounting Equation or A = L + OE?
The third financial statement prepared.
What is the Balance Sheet?
A source document used as evidence or proof of a business transaction is required by this GAAP?
What is Objectivity?
This is the process of recording balanced business transactions in accounting records.
What is journalizing?
Managing this kind of "flow" is an important task every manager and business accountant must be able to understand and maintain.
What is cash flow.
The amount of liabilities if assets are $2,000 and owner's equity is $500
What is $1,500?
The Income Statement is also referred to as this in QBO.
What is the Profit and Loss Statement.
One business partner is violating this GAAP when he continually charges the processing of his family vacation photos to the business.
What is the GAAP Entity?
The effect on equity when an owner withdraws cash from the business.
What is decreases?
This is an estimate of future revenues, costs and expenses for a specified future period of time.
What is a budget?
This is the difference between total assets and total liabilities.
What is Owner's Equity?
This symbol indicates the final total on a financial statement.
What is a double-rule?
When a company who purchases office supplies such as paperclips and staples does not record the related expenses for each paperclip or staple used, they are following this GAAP.
What is the GAAP Materiality?
An AR that a business cannot collect.
What is an uncollectible account or bad debt?
This method states that every accounting transacting will affect at least two accounts.
What is the double-entry method?
Account on the balance sheet that represents the amount owed for purchasing supplies on credit.
What is Accounts Payable (AP)?
This reduces the book value of an asset on the Balance sheet.
What is a contra-asset?
Changing from the straight-line method of depreciation to the declining method without a justifiable or documented reason violates this GAAP?
What is the GAAP Consistency?
A long-lived plant asset that never loses it's value.
What is land?