Planning, recording, analyzing, and interpreting financial information.
What is Accounting.
100
Receiving cash from an owner as an investment of $5,000.00 when beginning balance is $0.00.
What is having to debit Cash for $5,000.00 and credit the capital account for $5,000.00.
100
Applied when a business's financial information is recorded and reported separately from the owner's personal financial information.
What is Business Entity.
100
Assets= Liabilities and Owner's Equity.
What is The Accounting Equation.
100
How much is Owner's Equity if Assets are $95,000.00 and Liabilities are $51,000.00?
What is $44,000.00.
200
A list of accounts used by a business.
What is a Chart of Accounts.
200
When paying cash for supplies for $275.00.
What is debiting your Supplies account that has a normal balance of $275.00 and crediting your Cash account for $275.00
200
Applied when business transactions are stated in numbers that have common values-- that is using a common unit of measurement.
What is Unit of Measurement.
200
Paid cash to owner for personal use for $200.00.
What is Asset account is credited for $200.00, liability account Paige Raymakers, drawing is debited for $200.00.
200
In a T Account, debits and credits are on what side?
What is debits are on the left side and credits are on the right side.
300
The recording of debit and credit parts of a transaction.
What is Double-Entry Accounting.
300
When paying cash for Prepaid Insurance of $1,200.00.
What is debiting you general ledger column for $1,200.00 and crediting you Cash account for $1,200.00.
300
Applied when a source document is prepared for each transaction.
What is Objective Evidence.
300
Proving a journal page when debits are $3,543.00 and $6,710.00 and credits are $5,750.00, $1,960.00, and $2,543.00.
What is adding each debit column, adding each credit column, and making sure the total is equal, $10,253.00 on both sides.
300
A calculator tape is a source document is useful for what kind of sales?
What is daily sales.
400
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
What is File Maintenance.
400
When posting an amount from a general debit column for $300.00 for supplies.
What is debiting the general debit column for $300.00 and debiting the Supplies account balance for $300.00.
400
Applied when revenue is recorded at the time goods or services are sold.
What is Realization of Revenue.
400
Posting a second amount to an account when the current balance is $275.00 and the second debit is $500.00.
What is Debiting and account for $500.00 and carrying the balance over to the Balance Column of $775.00.
400
The account number for Cash in our book is this number.
What is 110.
500
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
What is Electronic Funds Transfer(EFT).
500
When journalizing a bank service charge for $10.00.
What is debiting you journal for Miscellaneous Expense for $10.00 and crediting Cash for $10.00.
500
Source documents are part of this concept.
What is Objective Evidence.
500
When recording a bank service charge on a check stub when the balance brought forward is $4,782.00, the amount deposited is $190.00, the subtotal is $4,972.00 with a service charge of $8.00.
What is adding the first two amounts and subtracting the service charge to end with a balance of $4,964.00.
500
What goes on the 6 lines of a petty cash slip?
What is the date, who it is paid to, what is was for, the account being effected, the dollar amount, and who approved it.