Assets
Liabilities
GAAP
Owner's Equity
Miscellaneous
100
Balance Sheet - Debit Column
Which column do assets get extended to on the worksheet?
100
Balance Sheet - Credit Column
Which column would liabilities be extended to on the worksheet?
100
Land on the balance sheet is reported as the purchase price paid.
What is the cost principle?
100
Another term for owner's equity.
What is capital or net worth?
100
Transferring information from the journal to the ledger.
What is posting?
200
An example is Land
What is a fixed asset?
200
An example is HST Payable
What is a current asset?
200
The same method of accounting is used each fiscal year.
What is the consistency principle?
200
This causes Owner's Equity to increase
What is net income?
200
An informal tool used by an accountant to help organize financial information.
What is a worksheet?
300
This asset is exchanged for cash within one year of the balance sheet date.
What is a current asset?
300
Debt that will be repaid in 3 years.
What is a long term liability?
300
All financial information along with any other (non-financial) information should be made aware through financial statements.
What is the full disclosure principle?
300
These items causes Owner's Equity to decrease.
What is drawings and a net loss?
300
This ratio is used to determine solvency.
What is the Current Ratio?
400
Liabilities + Owner's Equity
What should total assets be equal to?
400
Owner's Equity
Which account do you add to liabilities to prove the fundamental accounting equation?
400
Acronym used for rules and regulations.
What is Generally Accepted Accounting Principles?
400
The increase or decrease in Owner's Equity will help us calculate this.
What is the calculation for ending Capital/Owner's Equity.
400
Analyzing financial information for a 5 year period is referred to this.
What is a Trend Analysis?
500
Current assets are larger than current liabilities.
When is a company solvent?
500
Insolvent
When current liabilities are larger than current assets.
500
A threshold amount or important non quantitative information that can change a user's mind about a company.
What is the materiality principle?
500
These 2 items subtracted from each other give proof for number in the capital account.
What is total assets- total liabilities (fundamental accounting equation!)
500
The new set of accounting rules are referred to as
What is International Financial Reporting Standards?
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