Chapters 1&2
Chapters 3&4
Chapters 5&6
Chapters 7&8
Concepts
100
Assets = Liabilities + Owner’s Equity
What is the Accounting Equation
100
A form for recording transactions in chronological order
What is a Journal
100
This is a report of deposits, withdrawals, and bank balances sent to a depositor by a bank
What is a Bank Statement
100
Any persons or groups who will be affected by an action
What is a Stakeholder
100
Source Documents provide this type of evidence
What is Objective
200
An amount owed by a business
What is Liabilities
200
A journal amount column headed with an Account Title
What is a Special Amount Column
200
The length of time for which a business summarizes and reports financial information
What is a Fiscal Period
200
You get this when your Total Expenses are greater than your Total Revenue
What is a Net Loss
200
This concept happens when revenue and associated expenses are reported in the same accounting period
What is Matching Revenue and Expenses
300
An accounting device used to analyze transactions
What is a T-account
300
These two columns in the General Journal are posted individually and not in total
What are General Debits and Credits
300
A bank service charge is recorded in this account
What is Miscellaneous Expense
300
Total Expenses divided by Sales and Net Income divided by Sales
What are Component Percentages
300
This concept is associated with a business existing for a very long period of time
What is Going Concern
400
An amount recorded on the right side of an account
What is a Credit
400
This is needed when a transaction has been improperly journalized and posted to the ledger
What is a Correcting Entry
400
This type of endorsement has the words Pay to the order of in it
What is a Special Endorsement
400
These Accounts are known as Nominal Accounts
What are Temporary Accounts
400
This concept is associated with the accounting activities included in recording financial information for a fiscal period
What is the Accounting Period Cycle
500
A decrease in Owner’s Equity resulting from the operations of a business
What is an Expense
500
When a business determines that the amount of cash agrees with the accounting records.
What is Proving Cash
500
A proof of the equality of debits and credits in the general ledger is known as
What is a Trial Balance
500
These entries prepare Temporary Accounts for a new Fiscal Period
What are Closing Entries
500
This concept is associated with financial statements containing all information known to the company.
What is Adequate Disclosure
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