T-Accounts
Accounting Equation
Accounting
GAAP
Terms
100
This is located on the left side of the T-Account.
What is the Debit?
100
Assests = Liabilities + Owner's Equity.
What is known as the Fundamental Accounting Equation?
100
The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners.
What is Accounting?
100
All publicly owned companies to follow these standards.
What is the Generally Accepted Accounting Principles? Also know as GAAP.
100
Funds taken from the business by the owner for personal use.
What is withdrawal?
200
When $1000 dollar bill is paid the following accounts effected are what.
What is the left side of accounts payable?
200
The amount owed to someone or something.
What is a Liability?
200
Is designed to accumulate data about a firm's financial affairs, classify the data in a meaningful way, and summarize it in periodic reports.
What is an accounting SYSYEM?
200
FASB.
What is Statements of Financial Accounting Standards?
200
A point at which revenue equals expenses.
What is breakeven?
300
Used to analysis transactions but not used to maintain financial records.
What is the T-Accounts?
300
The financial interest of the owner of a business.
What is owners equity?
300
This law was passed in response to all the corporate accounting scandals beginning with the demise of Enron Corporation in 2001.
What is the Sarbanes-Oxley Act?
300
An independent accountant who provides accounting services to the public for a fee.
What is a CPA? Certified Public Accountant.
300
Claims for future collection from customers.
What is accounts receivable?
400
This is located on the right side of the T-Account.
What is the Credit?
400
Property owned by a business.
What is an asset?
400
Is a business entity owned by one person.
What is sole proprietorship?
400
Members of firms that perform accounting services for other companies.
What is public accountants?
400
Amounts a business must pay in the future.
What is accounts payable?
500
Consists of a vertical line and a horizontal line.
What is a T-Account?
500
Record in equation form the financial effects of a business transaction.
What is the A=L+OE?
500
It is separate from its owners.
What is a corporation?
500
A business or organization whose major purpose is to produce a profit for its owners.
What is an economic entity?
500
Financial interest in a business.
What is Capital?
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