Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Assets= Liabilities + Owner's Equity
What is the balance sheet equation
100
A useful tool for demostrating certain transaction and events
What is a "T-Account"
100
Accounting period of a particular direction
What is the fisical period
100
For every debit amount there must be an equal credit amount applied on a journal
What is double entry accounting
100
A device that organzied the accounting required for the preparation of financial statements.
What is a worksheet
200
list liabalities
What is the third step in preparing a balance sheet
200
A group of accounts
What is a ledger
200
The ownders claim against the assets
What is the capital account
200
Provides a chronological history of all of the company's transaction
What is a journal
200
Write the heading, record the trial balance, transfer the balance sheet items, transfer the income statement items, complete the income statement section, complete the balance sheet section, rule the work sheet
What are the steps in preparing a worksheet
300
Assets - Liabilities
What is your financial position (Owner's Equity)
300
The order body accounts are recorded in on the trial balance
What is the "Ledger order"
300
The increase in owner's equity that result from the successful operation of a business
What is profit
300
The date of the transaction, the account debited and the amount, the account credited and the amount, an explanation giving details of the transactions
What are the 4 parts of a journal entry
300
______ is completed, it contains, in an organized systematic, and convenient form, all of the information that the accountant needs to prepare formal financial statements
What is, when the worksheet
400
Business Entity Cost Principle
What are two types of GAAP
400
A method of record-keeping that lets your track just where your money comes from and where is goes
What is called "Double-Entry Accounting"
400
Matches revenue earned with expenses incurred to produced the revenue during the account period
What is the account basis
400
Provides a running balance on each line
What is the balance-column ledger account
400
A credit column of the income statement shows a greater total than the debit column, the amount of the diffrence is _____________.
What is net income
500
On the balance sheet assets and liabilities are listed in what order?
What is order of liquidity?
500
Does not indicate if the wrong accounts were used to record transaction
What is a Trial balance
500
Expenses are recorded only when cash is paid for an expense
What is the cash basis
500
This numbering system with the list of accounts is used for all accounts in a ledger. Sometimes larger companies have larger account numbers
What is Chart of Accounts
500
Prepared in vertical format
What is a report from balance sheet
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