Accounting Terminology
A 12-month accounting period that usually ends on the last day of any month.
What is a fiscal year?
The acronym that represents the Rules of Debits and Credits.
What is AWE/CLR?
The amount of time covered by an organization’s financial statements.
What is an Accounting Period?
This is the accounting term for LEFT.
What is DEBIT?
This is the accounting term that means RIGHT.
What is CREDIT?
These accounts always increase on the LEFT.
What are ASSETS, WITHDRAWALS, and EXPENSES?
This is the accounting period that would produce 12 financial statements per year.
What is MONTHLY?
The account used to record the amount we owe to another person or company.
What is ACCOUNTS PAYABLE?
These are two accounts that are included in OWNER'S EQUITY.
What are CAPITAL and WITHDRAWALS?
These accounts always increase on the RIGHT.
What are CAPITAL, LIABILITIES, and REVENUE?
This accounting period produces 4 financial statements per year.
What is QUARTERLY?
The account used to record the amount a customer owes for services provided today and for which the money will be received in the future.
What is ACCOUNTS RECEIVABLE?
The accounting term used when REVENUE exceeds EXPENSES.
What is NET INCOME?
The acronym ALORE stands for this.
What is the 5 types of business accounts. ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUE, and EXPENSES?
This accounting period produce 2 financial statements per year.
What is SEMI-ANNUALLY?
The term "ON ACCOUNT" means we will always use one of these two accounts.
What is ACCOUNTS RECEIVABLE or ACCOUNTS PAYABLE?
The accounting term we use when the total of an account is on the same side that the account increases on.
What is NORMAL BALANCE?
A set of rules, standards, and principles which companies must adhere to when preparing their financial statements.
What is GAAP?
Generally Accepted Accounting Principles
This is the number of financial statements produced in a company that runs an ANNUAL accounting period.
What is ONE?
What is UNEARNED REVENUE?