General Ledger
It is a group of accounts.
What is ledger?
It is the process of planning, recording, analyzing, and interpreting financial information.
What is accounting?
It is the least amount of accounts that a transaction can affect.
What is 2?
Is cash an asset or liability
What is asset
It is the accounting equation.
What is total assets - total liabilities = Owner's equity?
It is the number for a new account between 130 and 140.
What is 135?
It is the difference between assets and liabilities.
What is equity?
Which is debit and credit in, "Paid cash for equipment rental."
What is debit: equipment rental and credit: cash
What is it called when petty cash on hand is less than the recorded amount
What is cash short
It is a business owned by one person.
What is sole propietership?
It is the first step to post a new entry.
What is date?
It is the standards and rules that accountants follow while accounting.
What is GAAP?
Which is debit and credit in, "Paid cash to establish petty fund."
What is debit: Petty cash and credit: Cash
What is money coming in from sales called
What is revenue
It is the amount of fiscal periods in a fiscal year.
What is 12?
It is determining that the amount cash and the Cash account balance is the same.
What is proving cash?
It is a person that you owe liabilities to.
What is creditor?
Which is debit or credit in, "Closing entry for the Owner's Drawing Account."
What is debit: "Company", Drawing and credit: "Company", Capital?
Do you credit or debit cash when it is used to pay an expense
What is credit
It is a check that a bank refuses to pay.
What is dishonored check?
It is the number that asset accounts are numbered.
What is 100s?
It is the cost of goods or services that are used to operate the business.
What is expense?
It is the accounts affected by a supplies adjustment on a work sheet. (Include debit and credit)
What is debit: Supplies Expense and credit: Supplies
How is net income calculated
It is your accounting teacher's name.
What is Ms. Baldwin?