Financial Statement use to summarize a companies well being at a specific point in time.
What is a balance sheet
(________ accounts are recorded on the balance sheet)
100
A business owned by one individual.
What is a sole proprietorship
The other 2 are Partnership and Corporation (charter)
100
A __________ is an entry on the right side of an account.
What is a credit
100
Director of the CIA who recently resigned from the post for an extra-marital affair. He was a 4 star general who led forces in both Iraq and Afghanistan.
Who is David Patreaus
100
A creditors claim to property if an individual or business is called a(n)_________.
What is a liability
200
The character Steve Urkel played in this 90's sitcom.
What is Family Matters
200
The artist whose real name is Aubrey Graham
Who is Drake
200
An account's ___________ is always on the side used to record increases to the account.
What is the normal balance.
200
Wrote check for $500 to Dogs and Cats to pay for money owed on account.
What is Accounts Payable-Dogs and Cats debited for $500 and credit Cash for $500.
200
A businesses claim to property if an individual or business is called a(n)_________.
What is an equity
300
A permanent record organized by account number. Items from the general journal are posted there.
What is the general ledger
Whats the difference between the General Journal and General Ledger?)
300
The type of business that buys finished products and resells that items to other businesses or individuals.
What is a merchandising business.
The other 2 business sectors are: service and manufacturing
300
Accounts such as revenue, expenses and withdrawals that are reconciled with the capital account at the end of an accounting period are known as ____________+
What is Temporary Accounts
300
Purchased Office Equipment for $1000 and wrote $500 check for partial payment.
What is debit Office Equipment $1000, Credit Cash $500 and Credit Accounts Payable $5000.
300
A person who transforms ideas for products or services into real-world businesses.
What is an entrepreneur
400
To prove a ledger a __________ is prepared.
What is a trial balance
400
Type of accounting that focuses on reporting information to external users.
What is financial accounting.
Management accounting is for internal users.
Class activities Management or Financial?
400
Accountants use the _______________ system to analyze and record a transaction.
What is double-entry accounting system...debits and credits.
400
Received $1000 for on account for previously completed services.
What is debit Cash $1000 and credit Accounts Receivable $1000.
400
The name of J.K. Rowling's recently released novel that is her first apart from the Harry Potter Series
What is The Casual Vacancy
*First Adult Novel*
500
May be known as the statement of profit and loss; identifies "retained earnings."
What is the income statement. Shows: revenue - expenses
Statement of Change in Owner's Equity.
Another statement is the Cash Flows statement which helps determine the liquidity of a business.
500
The acronym used to refer to the standardized set of rules to prepare financial reports set forth by the Financial Accounting Standards Board.
What is GAAP (Generally Accepted Accounting Principles)
500
The number of individuals who have played James Bond on the big screen...starting with Dr. No
What is 6
Sean Connery, George Lazenby, Roger Moore, Timothy Dalton, Pierce Brosnan and Daniel Craig
500
Owner, Michael Johnson transferred a chair, a desk and a rug worth $1500 to the business.
What is debit Office Equipment $1500 and credit Capital $1500.
500
The three accounting assumptions are __________, accounting period and going concern. A(n) _____________ exists independently on an owner's personal holdings.
What is a business entity.
That is why the cash account is credited when paying salaries.