Debits and Credits
Balance Sheet
Careers
Potpourri
Transactions
100
An increase to an asset.
What is a debit.
100
Type of account on the left side of a balance sheet.
What is Assets.
100
CA
What is a Chartered Accountant.
100
What to do when Simon says 'raise your credit hand'.
What is raise your right hand.
100
This is debited when I pay for supplies.
What is cash?
200
An increase to a liabilitiy.
What is a credit.
200
This type of account tracks money you owe to other people.
What is a liability.
200
CPA.
What is a Chartered Professional Accountant.
200
What to do if Ms. Sloan says, 'hop on your debit foot'.
What is nothing... as per usual... :)
200
This is credited when I pay off a debt.
What is accounts receivable.
300
An increase to revenue.
What is a credit.
300
This is true of Total Assets and Total Liabilities and Equity.
What is they balance (are the same).
300
~ $50,000
What is the average starting salary for a 21 year old accounting student.
300
The number of snow days we have had this semester.
What is 2.
300
This is credited when the owner withdraws cash from the company.
What is cash. :) (tricked ya!)
400
An increase to expenses.
What is a debit.
400
This account is a decrease to capital.
What is Drawings.
400
COIN.
What is the ICAO's accounting contest for high school students.
400
Two universities from which we have had guest speakers.
What is Queen's, Laurier, and Western (Ingrid).
400
This is what happens to sales (revenue) when we provide a service to a customer.
What is a credit.
500
An increase to capital.
What is a credit.
500
This amount must be added into your equity balance to make a balance sheet balance.
What is net income.
500
3 broad requirements to obtain the CPA designation.
What is 4-year degree, 18 months work experience, pass the 2 (3) exams.
500
"Debits on the left. Credits on the right" was filmed in what Canadian city?
What is Vancouver.
500
This is the entry when you receive the hydro bill.
What is debit hydro expense, credit a/p.
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