I read your Diary
(The Journal)
Straight from the Source
(Source Documents)
Psssst
(Provincial Sales Tax)
The GiST of it
(Goods & Services Tax)
Analyze This
(Analyzing Data)
100
The journal is a book where transactions are first recorded before being recorded in this
What are the ledger accounts?
100
As soon as a source document is used to record a transaction, this is what happens to it.
What is gets filed away for future reference.
100
This type of tax is a percentage tax based on the price of goods sold to a customer. (Hint: not PST)
What is Retail Sales Tax?
100
Companies that generate more than this dollar amount of sales in a year must register to collect GST.
What is $30,000?
100
A useful technique for examining financial data is called this.
What is Trend Analysis?
200
This type of journal is the simplest kind to use. It has a space for debit entries a space for credit entries.
What is the Two Column General Journal?
200
This term is used to describe a business form showing the details of a transaction in which goods or services are sold to a customer for cash.
What is a Cash Sales Slip?
200
This party (in a business transaction) does no accounting for provincial retail sales tax.
What is the purchaser?
200
The purchaser of sales can account for GST. The GST is recorded in the account with this name.
What is the GST Recoverable Account?
200
Changing numbers into this helps us interpret and discuss data.
What are percentages?
300
The month of a transaction is recorded once until the next month, while the day of the month is listed this often.
What is for every transaction? No matter how many!
300
This term is used to describe a business form representing a purchase of goods or services on account.
What is the Purchase Invoice?
300
The current PST rate in BC is this (on goods and services).
What is 7%?
300
This is the current GST rate in Canada.
What is 5%?
300
This type of analysis allows the interpreter to Visualize the data.
What are Graphs?
400
For every transaction, the accounts are listed in this order.
What is debits first, credits second?
400
This type of document is from the bank and it informs the business of a decrease made in the business's bank account. (Example: a monthly bank charge)
What is a Bank Debit Advice?
400
Out of these two provinces, one has the highest PST rate the other has no PST rate.
What are Nova Scotia and Alberta?
400
The account that collects the GST from the purchaser's perspective is recorded as this type of entry/account. (Debit or Credit)
What is a Debit Entry? That's money in your pocket!
400
If a company makes $100 in the first day, $110 in the next day and $120 on the third day, the percentage figure for the 3rd day would be this.
What is 120%
500
The journal entry that starts the books off is known as this. The information is taken from the balance sheet.
What is the opening entry?
500
This GAAP states that the accounting for purchases must be at the cost price to the purchaser
What is the Cost Principle?
500
The seller has to collect PST at the end of the month and remit the taxes to the government by this day of every month.
What is the 15th?
500
If a company has a GST Payable account worth $500 and a GST Recoverable of $600, the difference between the two will do this.
What is go in the company's pocket! Wahoo Refund Claimed!!
500
No matter how many years later, the figure year is always compared to this.
What is the the figure for year 1? The opening year!
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