Accounting 101
A, L & OE
Financial Statements
Procedure & Control
Miscellaneous
100
The basic accounting equation
What is Assets = Liabilities + Owner's Equity
100
These are items owned by the business (land, supplies, equipment).
What are assets?
100
These 3 categories are found on the balance sheet.
What are 1) assets, 2) liabilities 3) owner's equity?
100
This term transfers the right to deposit or transfer cash of a check
What is endorsing?
100
A group of accounts and their balances
What is a ledger?
200
The left side of the account is the
What is the debit side?
200
The purchase of supplies for cash would affect this account category
What are assets?
200
The ending figure for capital, used on the balance sheet, will be obtained from
What is the statement of owner's equity?
200
A petty cash fund is this type of account
What is an asset?
200
Business transactions are first recorded in the
What is the journal?
300
The right side of the account is the
What is the credit side?
300
This line on the balance sheet refers to money 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
Using a bank account, having checks prenumbered, and referencing source documents are examples of
What is internal control?
300
Revenue is recognized in the accounting records when
What is services are rendered?
400
According to the rules of debit and credit, the side that increases the account balance is said to be the
What is the normal balance?
400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
Bringing account balances up to date before preparing financial reports is called
What is adjusting?
400
The three types of endorsements on a check include
What are blank, full, & restrictive?
400
This process begins with recording transactions and ends with the completion of the financial statements
What is the accounting cycle?
500
The process of initially recording business transactions in the journal is:
What is journalizing?
500
A credit to an asset account that was posted to a liability account by mistake would cause
What is overstated liabilities and overstated assets ?
500
This financial statement shows the changes in captial during the accounting period
What is the statement of owner's equity?
500
This is the safeset form of check endorsement
What is a restrictive endorsement?
500
This represents the usual length of a fiscal period.
What is one year?
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