1-1
What is the normal balance for revenue?
Debit
What is the difference between on your own and application?
one is practice one is graded
How many steps are there in accounting cycle?
12
What is the difference between inflation and deflation?
Inflation: rising prices of goods and services
deflation: decrease the prices of goods and services
what is the relationship between general journal and general ledger?
First report to general journal then post to general ledger
When is Catherine's Birthday?
Sept. 17
Which general to you put when you receive cash on account?
Cash receipt journal
How do you find departmental margin?
Subtracting total direct expense by the gross profit
What is FIFO stand for?
First in first out
What is the Annual income statement divide by average balance of assets?
turnover ratio
An amount of cash kept on hand and used for making small payment?
petty cash
For closing entries, which categories’ ending balance should be zero?
Revenue, expense, income summary
What is the amount paid to an employee for every hour worked?
Wage
What is the journal entry prepare for the new fiscal period
The closing entry
What is the example like electricity, heat and water called?
Utilities Expense
In general ledger, what is the proof of the equality of debt and credit?
Trial balance
What is the sum of bracket minimum income tax + margin income tax?
Federal income tax
The Net pay of all employee in one pay period
Payroll register
what is LIFO stand for?
Last in first out
How do you get ending inventory
Merchandise of sale 减去 merchandise sold