Accounting 101
What are the 5 basic accounts?
What is assets, liabilities, equity, income, expenses?
Employee's wages before deductions.
What is gross wages?
Revenues minus expenses equals
__________.
What is net income?
Account used to track money you invest into your business.
What is Owner's Equity?
Number assigned to you by the IRS.
What is EIN (Employer Identification Number)?
Types of business organizations that use accounting.
What are sole proprietorships, partnerships and corporations?
This line on the balance sheet refers to money owed to you.
What is Accounts Payable?
Payroll schedule in which you're paid twice per month on set days.
What is semi-monthly?
When revenues are involved in a transaction, a revenue account will be __________.
What is credited?
Threshold amount for issuing a 1099?
What is $600?
Two ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
Testing business records and procedures for accuracy.
What is auditing?
Payroll form received at the end of the year that lists wages and withholdings.
What is Form W-2?