Work sheets
Checks
Legal Issues
Misc
Journalizing Transactions
100
When do you do work sheets?
At the end of every fiscal period.
100
What do you not do when you first get a check?
Sign it
100
When your expenses are greater than your revenue.
Net Loss
100
Should work sheets be done in pen?
No.
100
Information for each transaction recorded in a journal is called a/an?
Entry
200
What do you put on a work sheet?
Assets, Liabilities, and Owners Equity.
200
What is a bank account from which payments can be ordered by a depositer called?
Checking Account
200
Who should not be held realiable unless the third party used the financial statements in making its decision?
Accountants
200
What is the accounting equation?
Assets = Liabilities + OE
200
A business paper from which information is obtained for a journal entry is called a/an?
Source Document.
300
Changes on a work sheet are called?
Adjustments
300
What are the three types of endorsements?
Blank, Special, and Restrictive
300
Accountants share a contract with who?
Clients
300
Everything in accounting should?
Balance out.
300
A journal amount column headed with an account title is called a/an?
Special Amount Column.
400
How do you find the net income or net loss?
Add up the expenses and subtract from the sales.
400
How do you write a restrictive endorsement?
For deposit only to the account of *insert person or company name here*
400
Accountants who fail to exhibit a reasonable level of care are guilty of what?
Ordinary Negligence
400
What is a balance sheet?
A financial statement that reports assest, liabilities, and OE on a specific date.
400
What is a memorandum?
A form on which a brief message is written describing a transaction.
500
How do you fix an error on the work sheet?
Erase the error and replace it.
500
What kind of check does a bank refuse to pay?
Dishonered Check
500
Accountants are subject to what legal consequence?
Malpractice
500
What is the business entity concept?
That the accounting records reflect the financial activities of a specific corporate entity, separate and distinct from the people who finance it or work in it. It is one of the 'ground rules' of accounting, see accounting concepts for the others.
500
What is the last journal entry for the closing entries?
Drawing.
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