Accounting Cycle
General Ledger Accounts
Financial Statements
Inventory
Miscellaneous
100
This is a listing of all ledger accounts which are further identified by identification numbers assigned for each account.
What is a chart of accounts?
100
This account represents the most liquid asset on the balance sheet and it is usually listed first.
What is cash?
100
These are the two most basic categories of the income statement.
What are revenue/sales and expenses?
100
This item on the income statement represents the amount of goods sold from its inventory during a typical sales transaction.
What is cost of goods sold?
100
This is what GAAP stands for
What are generally accepted accounting principles?
200
This represents a listing of accounts and balances prepared before adjustments are recorded.
What is a trial balance?
200
It is the fundamental accounting equation in the form of an equation.
What is Assets=Owner's Equity+Liabilities?
200
An income statement is prepared to in order to show this.
What is the profitability of the business?
200
The period of time by which a customer can pay its vendor for the purpose of obtaining a reduction off the full amount of the invoice.
What is the discount period?
200
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
300
This is an end of period recording of any expense for which it has not paid or has yet to be invoiced to the company until a future date.
What is an accrual?
300
This line on the balance sheet refers to short term obligations owed by a company.
What is Accounts Payable?
300
A bank loan would be listed under this category on the balance seet.
What is the liabilities section?
300
The seller prepares this document to confirm buyer's return or allowance.
What is a credit memorandum? (credit memo for short)
300
This principle provides guidance on when a company recognizes revenue.
What is the revenue recognition principle?
400
This evidence is used to identify and describe transactions and events such as checks, invoices, etc. being entered into the accounting system.
What is a source document?
400
This account, despite being part of the assets category, has a normal credit balance and it is associated with long term assets.
What is accumulated depreciation?
400
This account represents revenue paid for services yet to be rendered.
What is unearned revenue?
400
This inventory costing method assigns the earliest amounts to cost to goods sold.
What is FIFO? (first in, first out)
400
The point of transfer in which the buyer accepts ownership of the goods being transferred from the seller's place of business.
What is FOB shipping point?
500
The income statement accounts are closed into this account temporarily before they are closed out to the balance sheet.
What is the income summary?
500
This account is a contra account to the Sales/Revenue account.
What is sales discounts/sales returns?
500
Net profit and losses are closed into this account on the Balance Sheet.
What are retained earnings?
500
Robin Thicke's latest hit song, "Morning Sun", samples this famous R&B singer.
Who is Barry White?
500
The three teams that the Houston Rockets have played against in their four NBA final appearances.
What is the Boston Celtics, New York Knicks, and Orlando Magic?
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