Financial Statements
Accounts
Terms that start with "C"
Terms that start with "P"
Miscellaneous
100
Accounting form used to summarize the general ledger.
What is a worksheet?
100
Anything of value that is owned.
What is an asset?
100
Account used to summarize the owner's equity in a business.
What is capital?
100
A business in which two or more persons combine their assets and skills.
What is a partnership?
100
Assets=Liabilities + Owner's Equity
What is the accounting equation?
200
A financial statement used to report assets, liabilities, and owner's equity.
What is a balance sheet?
200
All liabilities subtracted from all assets.
What is owner's equity?
200
Business form ordering a bank to pay cash from a bank account.
What is a check?
200
The total amount earned by all employees.
What is payroll?
200
Don't say this in accounting or you will get in trouble. Jessie says this a lot.
What is shutup?
300
A financial statement used to show revenue and expenses.
What is an income statement?
300
An amount owed by a business.
What is a liability?
300
Amount recorded on the right side of a "T" account.
What is credit?
300
An amount of cash kept on hand and used for making small payments.
What is petty cash?
300
Famous dog and rabbit saying.
What is all dogs eat cute little rabbits?
400
A financial statement that summarizes the changes in owner's equity.
What is an owner's equity statement?
400
Increase in owner's equity.
What is a revenue?
400
The price a business pays for goods it purchases to sell.
What is cost of merchandise?
400
Taxes based on the payroll of a business.
What is payroll taxes?
400
Mrs. Oberbeck's sons name.
Who is Eric?
500
A trial balance prepared after the closing entries have been posted.
What is a post-closing trial balance?
500
Decrease in owner's equity.
What is an expense?
500
A person or business who purchases merchandise.
What is a customer?
500
Business owned by one person.
What is a proprietorship?
500
Are you guys creeping?
What is Mrs. Oberbeck's famous line?
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