Accounting 101
A, L & OE
Vocabulary
Forms & Payments
Miscellaneous
100
Used to summarize general ledger information
What is a worksheet?
100
These are items owned that have monetary value
What are assets?
100
Endorsement indicating new check owner
What is a special endorsement
100
A financial statement showing assets
What is a balance sheet?
100
Proof that debits and credits are equal in a general ledger.
What is a Trial Balance?
200
When Revenue is greater than expenses
What is a Net Income?
200
These are the 2 ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
200
A check that a bank refused to pay.
What is a dishonored check?
200
Expenses are greater than revenue
What is net loss?
200
Report of deposits, withdrawals, and bank balances sent by a bank to a depositor.
What is a Bank Statement?
300
This represents a business that is owned by one person.
What is a proprietorship?
300
Assets=Liabilities + Owner's Equity
What is The Accounting Equation?
300
Transfers ownership of a check
What is an endorsement?
300
Account changes on a work sheet.
What is an Adjustment?
300
Cash kept on hand for a small payment.
What is Petty Cash?
400
Length of time for reporting financial information
What is a Fiscal Period?
400
This is the difference between total assets and total liabilities.
What is Owner's Equity? or What is Capital
400
An endorsement limiting further transfer of check's ownership.
What is a Restrictive Endorsement?
400
A form that lists revenue and expenses.
What is an Income Statement?
400
Bank card that automatically deducts purchase amount from cardholder's checking account.
What is debit card?
500
the formula is by adding net income and subtracting drawing
What is current capital
500
Any item or product that a company owes?
What is a liability?
500
This is another term used on the balance sheet that refers to Owner's Equity.
What is capital?
500
A check with a future dat on it.
What is a post-dated check?
500
A percentage given to state how well a business is doing.
What is a component percentage?
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