Financial Statement
Posting
Accounting Vocabulary
100
What two financial statements are prepared?
What is Income Statement and Balance Sheet
100
What is a ledger that contains all accounts needed to prepare financial statements?
What is a general ledger
100
What is an asset?
What is anything of value that you own
200
Where can information needed to prepare financial statements be found?
What is the general ledger
200
What is a number assigned to an account called?
What is and account number
200
What is a liability?
What is an amount owned by a business
300
How many sections does an income statement have?
What is four
300
Writing an account title and number on the heading of an account is called what?
What is opening an account
300
What is a balance sheet?
What is a financial statement that reports assets, liabilities, and owner's equity on a specific date
400
The revenue reported on an income statement includes how many components?
What is two
400
How many general ledger divisions are in charts of accounts?
What is five
400
What is revenue?
What is an increase in owner's equity resulting from the operation of a business
500
How do you find the total expenses component percentage?
What is total expenses divided by total sales equals total expenses component percentage
500
True or False: There are two rules for posting amounts from a journal.
What is true
500
What is a sale on account?
What is a sale for which cash will be received at a later date
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