Introduction
What type of businesses is owned by stockholders?
What is Corporation?
When you owe another business money
What is accounts payable
The correct order of the financial statements is
What is income statement, Statement of Owner's Equity, and balance sheet
Jason purchased office equipment for $4,800 in cash. How would this affect the accounting equation?
Hint-Increase/decrease of A,L,OE
What is increase assets (equipment) and decrease assets(cash)?
In income statement includes
What is Revenue and Expenses
A law firm is considered what type of business?
What is a service business?
Items owned by a business that have monetary value
What is ASSETS?
This financial statement is a 'snap shot' of the companies financial condition?
What is the balance sheet?
Meghan started her business by investing $30,000 in cash. How would this affect the accounting equation?
What is increase assets (cash) and increase owners equity (capital)?
The balance in an expense account is closed to the
What is income summary?
The THREE legal forms a business may take
What is sole proprietorship,partnerships, corporations?
The total assets amount to $26,000 and the total liabilities amount to $18,000. The amount of the owner's equity is
What is $8,000?
This statement shows if there is an increase or decrease in capital
What is the statement of owner's equity?
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. How would this transaction affect the accounting equation? What two specific accounts are affected?
What is decrease assets and decrease liabilities? Cash/Accounts Payable
Close withdrawal accounts out to this account
What is the capital account?
Any accounting period of twelve months' duration is usually referred to as a(n)
What is a fiscal year?
Changes in owner's equity that result from investments or withdrawals of assets by the owner are included on which financial statement?
What is the Statement of Owner's Equity?
These 3 items are found at the very top of the balance sheet (in order).
DOUBLE JEOPARDY!!!!!!
What is Company Name, Name of Statement, Date
Falana received $7,000 in cash from a client for professional services rendered. How would this affect the accounting equation?
What two specific accounts are affected?
What is increase assets and increase owner's equity?
Cash and Service Fees
Name the Three accounts that affect owner's equity
DOUBLE JEOPARDY
What is capital, expenses, drawing
Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called HINT: It is not classifying
What is analyzing?
This phase of the accounting process involves recognizing the effect of transactions on assets, liabilities, owner's equity, revenue, and expenses of a business?
Processing/summarizing/output/input/Analyzing
What is processing?
The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to
What is $67,000?
REMEMBER WITHDRAWAL's BY OWNER IS NOT EXPENSES OR LIABILITIES. IT COULD HAVE BEEN FOR PERSONAL USE.
Sue Lee paid $1,200 for her employees' salaries. How does this affect the accounting equation? Which two accounts are initially affected?
What is decrease in assets and decrease of owner's equity? Cash and Wages payable.
When closing temporary accounts, in what order is the entries.
Hint: Think about which accounts are TEMPORARY
What is revenue, expenses, income summary, drawing