Chart of Accounts
The first subclassification of accounts on the chart of accounts.
What is Current Assets?
The double lines
What shows that the work is done and the balance sheet balances?
At least two.
How many accounts are affected by a transaction?
Assets
What type of account classifications are found on the left hand side of the accounting equation?
Business owns these.
10's.
The single lines
What shows that a total is coming up?
The source of money.
What account is affected by every transaction?
Assets = Liabilities + Owner's Equity
What is the accounting equation?
Chart of Accounts
What is the first official form of a business?
A year or less.
How long is a current asset or liability expected to last?
The left hand side.
On what side of the balance sheet would you find the assets?
Input Tax Credit
Into which account is the GST a business pays when purchasing items placed?
Liabilities
What is a specific type of equity owed by a business?
The business owes these to other businesses or people.
What are liabilities?
More than a year.
How long is a long-term asset or liability expected to last?
Total Assets - Total Liabilities
When not provided, how do you calculate the owner's equity?
PST
Which tax becomes part of the cost of an item if a business pays it when purchasing things?
Owner's Equity
What is the name for the owner's monetary contribution to the business?
Ink
When being completed by hand, in what must all accounting forms be completed?
2000's
In what range of numbers are the liabilities listed?
The right hand side.
On what side of the balance sheet would you find the liabilities and equity listed?
Same operation or sign
If a transaction affects the buiness' money and a liability or the owner's equity, what operation must be performed to both sides of the accounting equation?
It must remain balanced
What must always be true of the accounting equation?
The business owes this to the owner.
What is the owner's equity or capital?