Accounting Equation
Cash Bases Accounting
Accrual Bases Accounting
Vocab
Adjusting Process
100
These are the types of accounting activities that appear on the assets side of the accounting equation.
What are the operating, investing, and financing types of accounting activities?
100
True or False: Revenue is recorded when it is earned.
What is False?
100
This principle is upheld in the Accrual Bases of Accounting?
What is the Matching Principle?
100
These are the three types of companies to consider in accounting.
What are Service, Merchandise, and Manufacturing Companies?
100
This is where you put the expense that is calculated of a long term asset that is no longer worth what you originally paid for it.
What is Accumulated Depreciation?
200
These are four types of companies in accounting.
What are sole proprietorship, partnership, corporation, and LLC companies?
200
True or False: Expenses are recorded when it is paid.
What is True?
200
This is when you report revenue.
What is when it is earned
200
These are the four forms of accounting companies. Think leadership.
What are Sole Proprietorship, Partnership, Corporation, and LLC?
200
When adjusting your numbers... YOU NEVER ADJUST THIS.
What is Cash?
300
These are the four types of financial statements.
What are Income Statements, Balance Sheets, Statement of Cash Flow, and Statement of Retained Earnings?
300
True or False: The Matching Principle is upheld in the Cash bases of accounting.
What is False?
300
This is when you report expenses.
What is when it is incurred?
300
These are the four basic financial statements?
What are Income Statements, Balance Sheet, Statement of Cash Flow, and Retained Earnings?
300
The adjusting process always includes these two things.
What are revenues and expenses?
400
These means that all the financial statements are connected in the grand circle of life! :)
What is the Integration of Financial Statements?
400
True or False: Cash does not include the adjusting process.
What is True.
400
These are a few accounts we see appear in accrual bases of accounting.
What is Prepaid Insurance, Depreciation, Unearned Revenue, Accrual Revenue.
400
All of the financial statements are connected in the grand circle of life.
What is the Integration of Financial Statements?
400
Expenses that are prepaid appear on this side of the accounting equation.
What is the asset side of the equation?
500
These are the three principles of GAAP we need to know for the test tomorrow.
What is Cost, Matching, and Unit of Measurement.
500
True or False: Cash bases of accounting is easy to manipulate to make your Net Income more than it actually is.
What is True.
500
EQUATION TIME!!!!!!
WHO CAN COMPLETE THE EQUATION FIRST?
500
These are three of the principles under GAPP that will appear on our test.
What are Cost Principles, Matching Principles, and Unit of Measure
500
This is where you put revenue that has been earned but not paid and that has not been sent out on a bill.
What is Accrued Revenue?
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