Accounting Basics
What is accounting?
what is process of recording, organizing, summarizing, analyzing, and reporting a company's financial transactions.
What is listed to the the right?
What is a Credit?
This is principles of moral right and wrong, good and bad.
What is ethics?
This verifies debits and credits are accounted for.
What is posting?
What are assets
What is anything that you own?
What is listed to the left?
What is a Debit?
the moral principles, rules, and standards that guide how companies and their employees make decisions and conduct operations.
What is business ethics?
This is numbered on the journal.
What is a post ref.
What are liabilities?
What are things that are owed.
This is used to analyze debit and credit parts.
What is a T-Account?
This is treating all individuals the same.
What is fairness?
This is the number in the posted in the general ledger.
What is a page number?
What is owner's equity?
What is the difference between what you own and owe?
The side of the account that goes up?
What is an increase?
This is when you tell the truth.
What is honesty?
This is debits equals a debit.
What is a ending balance?
What is an example of an asset that you have in your pocket or wallet?
What is Cash?
When the side of the account is less?
What is a decrease?
This is owning up to one's decisions and actions.
What is accountability/responsibility?
This is always listed in chonological order.
What is the date?