Defining Moments
All about that Basic Accounting Information
Adjustment Adjacent
Account Mania
Accounting Equation Station
100

The amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services?

Profit

100

A health club, a spa, and a hospital are examples of what kind of business?

Service Business

100

Unearned Rent is an example of what kind of adjusting entry in Accounting?

Deferred Revenue or Unearned Revenue

100
Account that shows the balance of funds at the companies disposal

Cash

100

What kind of account is Accounts Payable?

Liability

200

Which type of accountant typically practices as an individual or as a member of a public accounting firm?

Certified Public Accountant (CPA)

200

This type of business entity generates 90% of business revenue in the United States and is used by large businesses

Corporation

200

Fees received but not yet earned.

Unearned Revenue

200

Accounts that we expect will be paid to us

Accounts Receivable

200

What kind of account is the owner's capital account?

Owner's Equity

300

a listing of accounts that make up the journal

Chart of Accounts

300

The first financial statement that we prepare

Income Statement

300

Under normal circumstances, the cash account will be adjusted, Yes or No?

No

300

Account that shows the short term amount owed by the business to other businesses or individuals

Accounts Payable

300

What kind of account is Supplies?

Asset

400

The gross increases in owner's equity attributable to business activities are calle

Revenue

400

What order are accounts listed in in the chart of accounts?

Assets, Liabilities, Owner's Equity, Revenues, Expenses

400

Paid premium on a one-year insurance policy.

Prepaid Expense

400

The portion of the cost of a fixed asset that is recorded as an expense each year of its useful life.

Depreciation Expense

400

What kind of Account is Fees Earned?

Revenue

500

What is the accounting equation?

Assets = Liabilities + Owner's Equity
500

Which basis of accounting is required by GAAP?

Accrual Basis

500

Property tax owed to be paid beginning of next year.

Accrued Expense

500

An income statement account that reports the amount of service revenues earned during the time interval indicated in the heading of the income statement.

Fees Earned

500
What kind of account is unearned fees?

Liability

600

What principle states that revenue is recorded and reported only when the services are rendered without regard to when cash is received?

Revenue Recognition Principle

600

The financial document that shows that debits equal credits

Trial Balance

600

Fees earned but not yet received.

Accrued Revenue

600

The total amount of a company's cost that has been allocated to depreciation expense since the asset was put into use

Accumulated Depreciation

600

What kind of account is Accumulated Depreciation?

Contra-Asset

M
e
n
u