The Accounts
Credited when we pay for something
Cash
Accruals are used when...
When services or goods are performed, given, or received before payment
Deferrals are when...
Payment is received before goods or services are given/performed
The expanded form of the basis of all accounting (Include the formula in your answer)
The expanded accounting equation (Assets = Liabilities + Owner's capital - withdrawals + Revenue - Expenses)
The steps of the closing process
What are Close Revenue, Close Expense, Close Income Summary, Close Withdrawals
Accrued when we preform services on account
What is accounts receivable
An accrued expense relating to employee wages
Deferred expense relating to office materials (pens, paper, etc)
What are office supplies
This financial statement shows how profitable a business is (Include the formula in your answer)
What is the income statement (Revenue - Expenses = Net income (Loss)
The unicorn account
What is income Summary
Credited when the business receives money in advance
What is Unearned Revenue
An accrued revenue relating to performing services
What is accounts receivable
Deferred revenue
What is Unearned Revenue
I slowly expense large assets overtime (Include the formula in your answer)
What is depreciation ((Purchase price - salvage value)/useful life)
Made after all the closing entries
What is the post closing trial balance
Accounts used when depreciating
Depreciation Expense and Accumulated Depreciation
Accrual relating to bond debts
What is interest payable
Deferred expense relating to large assets
What is depreciation
This formula shows how interest should be accrued and paid (Include the formula in your answer)
What is the interest formula (Principal * Rate * Time)
The balance in income summary represents
What is net income (Loss)
Always kept with its pair account on the financial statements
What is a contra
The end of a year falls on a Thursday when the work week is the normal five days. What days must I accrue
What are Monday, Tuesday, Wednesday, Thursday
Cat Noire and Night Walker are examples of identities for this superhero
Who is Adrien Agreste
"Blank" = "Blank" (Include the formula in your answer)
Debits = Credits
Anya's favorite snacks are
Peanuts!