Introduction
A, L & OE
Balance Sheet
GAAP
Miscellaneous
100
Area of accounting aimed at serving external users
What is financial accounting?
100
These are items owned that have monetary value
What are assets?
100
These 3 items are found at the very top of the balance sheet (in order).
What are 1) Name of business, 2) Name of the financial statement and 3) Statement date?
100
This is what GAAP stands for
What are generally accepted accounting principles?
100
Shows the company's revenues and expenses
What is the income statement?
200
Managerial Accounting is aimed to provide information for
Who are internal users.
200
A = L + OE
What is the Accounting Equation?
200
The main owner's equity account
What is capital?
200
This private sector group responsible for the creation of GAAP
What is the Financial Accounting Standards Board (FASB)?
200
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
300
The three legal forms a business may take
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
300
The amount of liabilities if assets are $2,000 and owner's equity is $500
What is $1,500.
300
A bank loan would be listed under this category on the balance sheet.
What is the liabilities section?
300
This GAAP principle states that accounting for a business needs to be kept separate from the personal affairs of the owner.
What is the Business Entity Assumption?
300
The effect on equity when an owner withdraws cash from the business
What is decreases?
400
Examines financial statements to verify that they are prepared according to GAAP
What are Auditors or CPAs?
400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400

**Double Jeopardy**

Accounts Receivable is classified on the Balance Sheet as

What is an asset?

400
The GAAP Principle states that a company should record expenses when they are used to generate revenue
What is the expense recognition principle (Matching Principle)?
400
Creditors claims on assets
What is a liabilities?
500
This involves testing business records and procedures for accuracy.
What is auditing?
500

*Daily Double* Wager 0-1000 Points. 
Account on the balance sheet that represents the amount owed for purchasing supplies on credit

What is Accounts Payable?

500
A balance sheet is prepared to in order to show this.
What is financial position?
500
This GAAP Principle states that accounting information should be based on the actual cost
What is the Cost Principle?
500

The effect on assets when a company receives cash on their accounts receivable.

What is no effect? One assets (cash) goes up and another asset (A/R) decreases.

M
e
n
u