Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Cash Debit | Credit Bal. $ 5000 Jul1. - 500 __________________________ New Bal. $ 4500
What is a transaction
100
Assets = Liabilities + Owner's Equity Debit| Credit Debit| Credit Debit| Credit Inc. | Dec. Inc. | Dec. Inc. | Dec.
What are the Rules of Debit and Credit
100
Recognized only if the cost was incurred to produce revenue
What is expense
100
Numbers in this column serve an important purpose. They are cross refrence that link particular journal entries to corresponding postings to the ledger accounts
What is posting refrence column
100
Trial balance, Income statement, Balance sheet
What are the heading of a Worksheet.
200
When you buy/sell something this is considered to be a _______.
What is a transaction
200
From the balance sheet are recorded in the T- Accounts
What is Opening balances
200
Presents the revenue, expenses, and net income/loss for a specific period of time
What is the Income Statement
200
Locate the accounts, record the date, enter the amount, calculate the new balance, complete the journal posting refrence column
What are the steps in posting
200
List items in special categories such as Current and Fixed assets, and Current and Long-term liabilities
What is a classifed balance sheet
300
Liabilities are listed accoring to the order they are to be repaid, with the soonest repayment listed first what is this?
What is maturity date
300
A form in which changed caused by transactions are recorded
What is an account
300
Requires the definition and use of the same period of time for the accounting period
What is the time-period principle
300
Copies 1 & 2 of a sales invoice are sent to these people
What are the customers
300
The statement of owner's equity provides the owner of a business with data regarding the change in value of his or her equity for an accounting period. It is a ___________.
What is a supporting statement
400
To provide financial information decision making what is this?
What is the purpose of accounting
400
______ is places on the side of the account with the highest total
What is Account balance
400
Why are revenue and expesnes recorded?
What is to provide information of net income or net loss
400
These are issued to make cash purchases and to pay bills
What are cheques
400
When the credit amounts equal the debit amounts on a worksheet
What is a mathematically accurate worksheet
500
A bank loan and a mortgage payable are examples and considered to be_________.
What is liabilities
500
Refers to the left side of a account
What is a Debit
500
Why is the income statement prepared?
What is to find the results, net income/loss, effects the balance sheet
500
Cash sale to customer, deduction from companies, bank account, increase in a company's bank account by the business, payments made to a creditor or for a cash purchase, payment received from a customer are descriptions of these.
What are source documents
500
The information for the body of the income statement is taken from this.
What is the income statement sections of a worksheet
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