Journal Entries
Miscellaneous
Inventory
Accounts
Statements
100
Debits must always be equal to these.
What are credits?
100
Accumulated depreciation appears on this financial statement.
What is the balance sheet?
100
This expense account is a deduction from sales when calculating gross profit.
What is cost of goods sold?
100
Something you own that has monetary value.
What is an asset?
100
This is the top account on an income statement.
What is sales / revenue?
200
When a sale is made, revenue is debited or credited?
What is credited.
200
The purpose of this document is to ensure debits equal credits.
What is a trial balance?
200
Under this system, inventory is constantly kept up to date.
What is the perpetual system of inventory?
200
This account tracks the value of services you provide or items you sell.
What is revenue?
200
'For the year ended May 31, 2010' could be a title on what kind of financial statement?
What is an income statement.
300
These two subtotals are used in the calculation of the current ratio.
What is current assets and current liabilities?
300

The owner takes out $40,000 for personal use

What is drawings

300
In straight-line depreciation, which of the following is multipled by cost? Salvage value, estimate life, or net book value?
What is none of the above?
300
An account that tracks the owner's 'salary' in a sole proprietorship.
What is drawings?
300
A financial statement that present a company's financial position at a certain point in time.
What is a balance sheet.
400

To promote honesty within company when handling money

What are internal controls?

400

Prepaid supplies, depreciation, accrued salaries are all example of what?

What are adjusting entries?

400
This is how inventory is valued.
What is at cost?
400
This tracks customer returns.
What is Sales Returns and Allowances?
400
Another name for the 'profit and loss'.
What is the income statement?
500
The allocation of the cost of a fixed asset over a period of time.
What is depreciation?
500

This tracks when your company returns merchandise it bought for resale

What is purchase returns

500

After closing entries and financial statements, this is what you create to share the starting balances of the new fiscal year

What is a post closing trial balance?

500
Current assets - current liabilities is described by what ratio?
What is working capital?
500

Taking the values from the journal and entering them onto the ledger

What is posting?

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