This is the 5th step in the Accounting Cycle, in which you use the balances from all your ledgers and test for the equality of debits and credits.
What is the Trial Balance?
100
When a business uses an accounting period of 12 months that starts on January 1st and ends on December 31st, it's called this.
What is a calendar year accounting period?
100
Expense Accounts have _____ normal balances.
What are Debit normal balances?
100
When a transaction is recorded with an Invoice as its source document, it means the transaction involved this.
What is the buying or selling of an item on account?
100
Revenue is the money earned by a business minus the expenses of a business. (True/False)
What is False?
200
In step 4 of the Accounting Cycle, you take transaction information from this, and post it to different ledger accounts.
What is the General Journal?
200
If expenses outweigh revenue, the business is operating at a _______.
What is a Net Loss?
200
These accounts have Credit Normal Balances.
What is Owner's Equity, Revenue and Liabilities?
200
Intra-company transactions (within a business) are recorded with this source document.
What is a Memorandum?
200
Name one of the authors of the Accounting textbook.
Who is Donald Guerrieri, F. Barry Haber, William Hoyt, and Robert Turner?
300
How many steps are in the Accounting Cycle?
What is 9 steps?
300
When entering in the general journal, it is important to use pencil, to allow you to correct mistakes by erasing. (True/False)
What is False?
300
What is the label that all of the following accounts fall under: Sales Revenue; Utilities Expense; Bill Clinton, Withdrawals; Rent Expense
What is they're all Temporary Accounts?
300
A company called "Baby & Me Daycare" made $5'850 of profit in the most recent Accounting Period. They had a total of $3'400 of expenses. What is the total revenue that the company made in the accounting period?
What is $9'250?
300
how many Computer Monitors are in this room right now? (Excluding laptops and Chromebooks)
What are 34 computer monitors?
400
The Work Sheet is prepared at this time.
When is at the end of the accounting period?
400
This is when the business earns profit.
What is Net Income?
400
Expense accounts move into the Capital account at the end of each accounting period, marked as these.
What are Debits?
400
Jack P. Hill and Jill S. Trueman own a business together. They buy a Server for $17'000 on account from Servers and Serpents Inc. If they pay back $1'200 biannually, how long will it take before it is paid off?
What is 7.5 years?
400
How many lights are in this room?
What is 18 ceiling lights, along with 1 light on the document camera?