Accounting 101 A, L & OE Balance Sheet GAAP Miscellaneous

100

What are 1) Gathering financial information, 2) Preparing and collecting records, 3) Summarizing and classifying financial information, 4) Preparing formation reports and summaries and 5) Establishing controls to promote accuracy and honesty among employees?
These are the 5 main activities involved in accounting

100

What are assets?
These are items owned that have monetary value

100

What are 1) Name of business, 2) Name of the financial statement and 3) Statement date?
These 3 items are found at the very top of the balance sheet.

100

What are generally accepted accounting principles?
This is what GAAP stands for

100

What are accounting computer programs?
ACCPAC and Quick Books are examples of these.

200

What is to 1)identify, 2)record and 3)communicate financial information?
This is the purpose of accounting

200

What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
These are the 2 ways the fundamental accounting equation is stated.

200

What is the financial position of a person or business?
A balance sheet is prepared to in order to show this.

200

What is the Canadian Institute of Chartered Accountants (CICA)?
This professional organization is responsible for the creation of GAAP

200

Who are creditors?
In addition to an owner, these people also have claims against a company's assets.

300

What are 1)sole proprietorships, 2)partnerships and 3)corporations?
These represent the types of business organizations that use accounting.

300

What is Accounts Payable?
This line on the balance sheet refers to money owed by a company

300

What is the liabilities section?
A bank loan would be listed under this category on the balance seet.

300

What is the Business Entity Concept?
This GAAP principle states that accounting for a business needs to be kept separate from the personal affairs of the owner.

300

Who are creditors?
If a business closes, the claims of these individuals are settled first.

400

What are Chartered Accountants (CAs), Chartered General Accountants (CGAs) and Certified Management Accountants (CMAs)?
These are 3 professional accounting organizations.

400

What is Owner's Equity?
This is the difference between total assets and total liabilities.

400

What are 1) Labour Unions, 2) Banks and 3) Government?
These are 3 examples of organizations that may be interested in a company's financial position.

400

What is the Principle of Conservatism?
The GAAP Principle states taht accounting for a business should be fair and reasonable.

400

What is a bookkeeper?
This role is often confused with that of an accountant.

500

What is auditing?
This involves testing business records and procedures for accuracy.

500

What is liquidity?
The term used to explain how quickly a company can convert assets into cash.

500

What is capital?
This is another term used on the balance sheet that refers to Owner's Equity.

500

What is the Continuing Concern Concept?
This GAAP Principle states that a business will continue to operate until it no longer does.

500

What is one year?
This represents the usual length of a fiscal period.

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