Accounting 101
These are the 5 main activities involved in accounting
What are 1) Gathering financial information, 2) Preparing and collecting records, 3) Summarizing and classifying financial information, 4) Preparing formation reports and summaries and 5) Establishing controls to promote accuracy and honesty among employees?
It is anything of value that a person or business owns and therefore controls
What is property?
What is Asset, Liability, Owners Capital
What are account categories?
what are the main elements of the accounting equation
(one of these is acceptable)
What is 5/15/2022?
What is Ernie's hire date?
This is the purpose of accounting
What is to 1)identify, 2)record and 3)communicate financial information?
These are the 2 ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
The business or person selling the item on credit, can be any person/business you owe money to
Who is a creditor?
This financial statement shows revenues and expenses
What is the income statement or profit & loss?
All clients in the Entertainment Industry?
Who are TuStreams, Glasshouse, Like Mgmt/MCF?
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
the difference between this and supplies is that this last longer than supplies
What is equipment?
When you buy something and agree to pay for it later
What is Credit?
A report you use to enter employee wages in Quickbooks?
What is a payroll summary or payroll details report?
These are 3 main types of accounting fields.
What are Financial accounting, managerial accounting, and tax accounting
Refers to the money that you haven't received yet from your customers for either your product or service.
What is Accounts Receivable?
Property or items of value owned by a business
What is assets?
A report that shows income and expenses by department?
What is a P&L by Class
These are the three categorize of businesses based on what they do to earn money.
What is manufacturing, merchandising and service?
The rights or financial claims to the assets are called this.
What is equities?
An ______ period is the time it takes to complete an accounting cycle.
What is an Accounting Period?
Is a list of all accounts used by a business.
What is chart of accounts?
Income earned from the sale of goods or services is called?
What is revenue?