The Financial Position
Items of value that you own.
What are assets?
The side that assets increase on.
What is the debit side?
Amounts earned by a business through the sale of goods and services.
What is revenue?
A book in which all parts of a transaction are recorded in one place.
What is the general journal?
The names of the two EAs that are with us daily.
Who are Boyd and Madden?
Debts of a person or business.
What are liabilities?
The side that liabilities and owner's equity increase on.
What is the credit side?
Costs incurred by a business during their day-to-day operations.
What are expenses?
The order transactions are listed by in the journal.
What is chronological order (by date)?
The youngest student in the class.
Who is Feven?
A business or persons net worth.
What is owner's equity?
The three parts of the heading of financial statements.
What is who, what, when?
The difference between revenue and expenses when expenses are greater than revenue.
What is net loss?
Business forms that contain evidence of business transactions on a certain date.
What are source documents?
Who is Glaydelle?
The accounting equation.
What is assets = liabilities + owner's equity?
The accounting form that indicates the mathematical accuracy of the ledger.
What is a trial balance?
A financial statement showing net income or net loss for a specific period of time.
What is an income statement?
The six steps followed when creating journal entries.
What are page number, date, debit entry, credit entry (indented), explanation, and blank line?
The oldest student in the class.
Who is Yongfan?
Cash, accounts receivable, supplies, equipment, building, land.
What is order of liquidity?
The debits and credits must always equal.
What is double entry accounting?
Indicates a decrease to owner's equity.
What is the drawings account?
This is made when a business first begins operations.
What is an opening entry?
The only student with zero absences (excused and unexcused) in the class.
Who is Carolina?