This term is used to describe the page where all of the transactions of one item are recorded. You can also find these at the bank!
What is an account?
100
This word is associated with the left side of the account, while this other word is associated in the right side of the account (make sure you get them in the right order!)
What are debit and credit?
100
EVERY account requires these THREE components.
What are a the name of the account, the dollar value of the account, and whether the account has a debit or credit value?
100
Periodically, it is necessary to check the accuracy of the ledger. To do this, an accountant must perform this activity (similar to a plane starting its trip!)
What is take off a trial balance?
100
This is the term used when accountants look at two different balance sheets and match their advantages and disadvantages
What is comparing figures?
200
All of these pages are put together and grouped into this ________ (The late Heath knows the term well)
What is a Ledger?
200
In the popular Accounting Rap song, the lyrics "debits on the left, credits on the right, debit left, credit right, debit left, credit right, for com-plete satisfaction" conclude with....
What is "balance all of your transactions"
200
In order to calculate the balance of a T account, one must complete this specific first step.
What is add the two sides separately to find the subtotals for either side?
200
To check if the ledger is balanced, these two totals must be the same.
What are the total debits and total credits?
200
In most cases, accountants will discriminate balance sheets in these two different situations
What is compare the figures of one company from one year to the next and between two different companies?
300
The accounting records are commonly referred to as the _______. This term has lost its meaning due to the increasing use of technology.
What are the books?
300
When an asset, such as cash, increases, then the transaction is a_________
What is a debit?
300
The second step in calculating an account's balance, is to subtract the________total from the ________total.
What is the smaller total from the larger total?
300
If the two totals of all of the accounts are NOT the same, then the ledger is said to be this
What is out of balance?
300
When a company has these values;
cash: 500
A.R: 500
Total Assets: 50 000
A.P.: 30 000
Total Liabilities and Equity: 50 000
It would be considered to be a ____ investment
What is Bad?! Don't do it!
400
The values an item's transactions can be placed in this simplified format. It resembles a popular letter.
What are T accounts?
400
When a liability, such as a bank loan, decreases, then the transaction is called a______.
What is a debit?
400
The dollar value of an account that says whether it is a debit or credit account is called this.
What is the account balance?
400
It is standard to double check the ledger this often.
What is once every month?
400
It is preferred that a company has a lot of money in this account in order to immediately pay off liabilities.
What is the cash account?
500
The dollar figure listed first in the account is considered to be this. (the starting amount of the page)
What is the beginning value of the account?
500
With this system, every transaction is recorded in the accounts in two steps.
What is the double-entry system of accounting?
500
If an asset ends up with a credit balance, or a liability ends up with a debit balance, then the account is called this.
What is an exceptional balance?
500
When the entire process of checking the balance of the ledger is completed, the results are kept on file for this length of time.
What is a year?
500
In class we looked at a company's balance sheet over 3 years. This company was this type of business.