Definitions
General Journal & Ledger
Terminology & Equations
Potpourri
Checking Comprehension
100
4. The amount of money that a company owns
What is an asset
100
29. Shows the current balances of all the company accounts
What is the General Ledger
100
1. GAAP is short for this term
What is Generally Accepted Accounting Principles
100
62. The chilly balance of a temporary account at the end of a fiscal period
What is zero
100
33. Signature on the BACK of the check
What is the endorsement
200
5. The amount of money that a company owes
What is a liability
200
18. Order by which transactions are recorded in the General Journal
What is by date
200
50. This is calculated by subtracting expenses from sales
What is the profit or loss
200
11. This happens when a customer buys merchandise "on account"
What is a DEBIT to Accounts Receivable and a CREDIT to Sales
200
36. A debit card transaction is recorded the same way as this method of payment
What is a check
300
6. The amount of money that a company has invested in the business
What is Owner's Equity
300
24. Number of accounts in the General Ledger and their names
What is five, and Assets, Liabilities, Owner's Equity, Revenue and Expenses
300
39. CPA stands for this
What is Certified Public Accountant
300
47. This number on the Balance Sheet tells you how large a company is
What is the Asset total
300
34. A check you have written that has not yet cleared the bank is known as this superb term
What is outstanding
400
2. A business owned by an individual
What is a sole proprietorship
400
28. Reference number recorded when you post from the General Journal to the General Ledger
What is the account number
400
3. Assets = Liabilities + Owner's Equity
What is the Accounting Equation
400
31. The taking of something (normally money) for one's own use in a violation of trust and confidence
What is embezzlement
400
35. When you sit down and do this you are making sure the bank statement and the checkbook balance are equal
What is a bank statement reconcilement
500
14. The side of the account (debit or credit) that is increased in a transaction
What is the Normal Balance
500
23. The list of accounts and account numbers for a business
What is the Chart of Accounts
500
21. The federal government agency that monitors the financial reports of publicly traded corporations
What is the SEC (Securities & Exchange Commission)
500
56. These people are stakeholders in a business
Who are the employees, stockholders, creditors, and customers
500
30. The process of comparing the balance in the checkbook to the balance in the Cash account
What is to "Prove Cash"
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