Vocabulary
Accounting Equation
Merchandising
Journal Entries
Preview Potpourri
100
The type of accounting that CEOs, CFOs, and internal users use.
What is Managerial Accounting
100
What is the basic accounting equation?
What is Assets = Liabilities + Owners' Equity
100
Cost of Goods Sold is...
What an expense?
100
When you indent in a journal entry, what is indented?
What is CREDIT.
100
What does the word reconciliation mean?
To check if two things are in the same page.
200
The principle in which expenses are recognized when used.
What is the matching principle?
200
Revenue minus Expenses is? Assume that Revenue > Expenses.
What is Net Income.
200
What is a perpetual system?
What is an inventory system that takes inventory continuously?
200
When declaring a dividend, what will be DEBITED?
What is Dividends account?
200
What are stocks?
What is how much a person owns a company?
300
The process in which the accountant sees IF the total dollar amount of debits equals the total dollar amount of credits.
What is a trial balance?
300
If assets are totaled to $100,000 and liabilities are $40,000, what is the stockholders' equity?
What is $60,000?
300
What is the Cost of Goods Sold Formula?
What is Beginning Inventory + Purchases - Ending Inventory = COGS?
300
To close out Revenues you debit?
What are the Revenues?
300
If gains are like revenues, then losses are like?
What are expenses?
400
What is a cash equivalent?
What is anything that can be easily converted to cash?
400
What is it called when Dividends is subtracted to Net Income?
What is Retained Earnings?
400
How many journal entries are recorded when a sale occurs in a periodic system?
What is One?
400
How do you record an adjusting entry of a depreciation on a building?
What is debit Depreciation Expense: Building and credit Accumulated Depreciation: Building?
400
What are Allowances of Doubtful Accounts?
What are the expectation to not receive?
500
What are accounts receivable?
What are the expectation to receive cash?
500
What kind of account are Accumulated Depreciation?
What is a contra-asset?
500
What is the Gross Profit Margin formula?
What is Gross Profit / Net Sales?
500
In a perpetual system, when buying merchandise on account, you debit and credit what?
What is debit inventory and credit accounts payable?
500
What is the Net Realizable Value Equation?
Accounts Receivable - Allowance of Doubtful Accounts = Net Realizable Value (NRV)
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