Basics
The main purposes of accounting are these.
What is record, identify and communicate information?
J Jonah Jameson invested $6500 cash in his company.
What is Debit cash for $6500,
Credit J Jameson, capital for $6500?
This is the purpose of a balance sheet.
What is show the financial standing of a business at any point in time?
The accounting equation is ______=__________+______
What is Assets=Liabilities+equity?
The two types of users for accounting are...
What is external and internal?
These are the four steps to processing transactions.
What is Identify, Analyze, record, and post?
Peter Parker withdrawals $780 from the company for person use.
What is Debit P Parker, capital $780
Credit cash $780?
Debits and Credits must always be this.
What is equal?
Debits increase these accounts.
What are assets?
The fraud triangle has three sides which are identified as these.
What is opportunity, pressure, and rationalization?
The difference between accounting and record holding is this.
what is accounting sorts and identifies, record holding records?
Stark industries provides $1,450 worth of services to a client and rents their suit for $400. The client is billed for these services.
What is debit accounts receivable for $1850
credit service revenue $1450
credit rental revenue $400?
A balance is created when this happens.
What is when a debit or credit outweighs the other?
When working in accounting, these two things always equal assets.
What is liability and equity?
These are common interactions with accounting in people's lives.
What are checking accounts, tax forms, and payroll
These are the types of adjustments.
What are deferral of expense, deferral of revenue, accrued expense, accrued revenue?
Wayne Enterprises receive $90,000 in advance for renting a prototype vehicle from a client.
What is debit cash $90,000
credit unearned rental revenue $90,000?
Adjustments are necessary when this happens.
What is an error in entries are identified?
These things affect equity.
What is owner, capital, owner, withdrawal, revenue and expenses?
Auditors do this to prevent fraud.
What is internal controls?
These are the four basic types of statements.
What are income statements, statement of owner's equity, balance sheets, and statement of cash flow?
The prepaid insurance account has a $6,300 balance to start the year, and no insurance payments were made during the year. Reviewing the policy, $2,000 of unexpired insurance remains at the end of the year. (Dec. 31)
credit prepaid insurance $4300?
The balance sheet is also known as this.
What is statement of financial position?
Equity is easily affected because of this.
What is equity is equal to assets minus the liabilities?
This is the pay range for private accountants.
What is $60,000-$290,000