General
The standards, conventions, and rules that accountants follow to prepare financial reports are known as:
generally accepted accounting principles.
A file containing one or more spreadsheets.
What is a workbook?
Assets = Liabilities + Owner's Equity
Accounting equation
An entry made to correct an error that is discovered after posting is completed
What is a correcting entry?
The specific length of time (a month, a quarter, or a year) covered by the financial reports of a business
What is the fiscal period?
Which term refers to the owner having full responsibility for company debts and obligations?
unlimited liability
Page Layout
Tab of the Excel ribbon with this command to change the orientation of a spreadsheet from landscape to portrait
I am located on the Left side of a T-Account
What is a debit?
Listed first when making journal entries
What are debits?
Reports net income or net loss financial information over a defined period of time
What is the income statement
In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?
partnership
=$1,000*.06
What is formula is used to calculate the 6% tax of $1,000?
A report that shows the accounting equation
Balance Sheet
A ledger that contains all the accounts needed to prepare financial statements
What is a general ledger
A single line drawn under a column to indicate that the amounts above the line are ready to be totaled
A double line drawn under a column to indicate that the amounts just above the ruling are totals and no other entries need to be made
What is ruling?
Jason demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting
What is integrity?
A classification indicates that the data has the potential to be used in calculations
What is a value
Items a business owns.
Assets
Transferring information from a journal entry to a ledger account
What is Posting?
The difference between total revenue and total expenses when the total revenue is greater than total expenses
What is Net Income
Lisa is applying for a position in a small insurance agency. The company wants to hire an individual that can convert its manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems.
These qualifications represent which type of skills?
workplace skills
Instructions to the program to perform a calculation; begin with equal (=) sign.
What is a formula?
The side of the account that increases
What is the normal balance?
Transferring information from a journal entry to a ledger account
What is proving cash?
A GAAP principle that requires matching expenses incurred in an accounting period with the revenue earned in the same period
What is the matching principle?