Balance Sheet
Adjusting Entries
Income Statement
Closing Entries
Accounting Principles
100
What is the Balance Sheet
Name the financial statement that reports ALOE on a specific date
100
What are assets?
Things of value used to earn revenue for a business.
100
What is loss
When expenses are greater than revenue, a business incurs a net ___________ .
100
What is Revenue (Sales), Expenses, Income Summary, and Drawing
Name the four temporary accounts we need to close at the end of the month
100
A = L + OE
What is the accounting equation?
200
What are: Cash, Petty Cash, A/R, P/I, Supplies
Name all the asset accounts we have used.
200
What are adjusting entries?
What are journal entries recorded to update general ledger accounts at the end of a fiscal period also known as?
200
What is equal to or greater than 20%
What is the acceptable net income component percentage for Encore Music?
200
What are temporary accounts?
What is the name of accounts used to accumulate information until it is transferred to the owner's capital account?
200
What is divide total expenses by total sales and this equals total expenses component percentage
What is the formula for calculating total expenses component percentage?
300
What is False specific date (Aug 31)
T/F The balance sheet reports information over a specific period of time; the heading reads "for month ended..."
300
What is DR Supplies Expense 700, CR Supplies $700
Daily Double! When a business has $5200 Supplies on hand at the end of the month, and a $5900 balance in the ledger, what is the adjusting journal entry?
300
What is false, just total revenue component percentage
T/F When there are 2 (or more) sources of revenue, component percentages are prepared for each revenue stream.
300
What is DR the Capital account, CR Income Summary
The journal entry to close Income Summary when it has a debit balance is
300
What is trial balance? What is once for the worksheet and once after all accounts are closed.
What is proof of the equality of debits and credits in the ledger? How often is it prepared in the accounting cycle?
400
What is False Net Loss has nothing to do with the balance sheet.
T/F When there is a net loss for the business, Assets will be less than Liabilities and Owner's Equity
400
What is CR Insurance, DR Insurance Expense
The journal entry to adjust Insurance is what?
400
What is credit column
On a work sheet, the balance of the Sales account is extended to the Income Statement ___________.
400
What are closing entries?
What are journal entries used to prepare temporary accounts for a new fiscal period also known as?
400
What is monthly and false
T/F Petty cash is always replenished _______ and the balance of the petty cash account increases.
500
What is, add NI (Subtract NL), subtract Drawing
How do you find the current Owner's Equity to put on the Balance Sheet?
500
What is the value of supplies used during the fiscal period.
After the adjusting entry for supplies has been posted, Supplies Expense has an up-to-date balance that represents what?
500
What is $(24.9) and $5510
What is the component percentage when net loss is $1099, and the total revenue is $4411? What is total expenses?
500
What is CR transaction when Sales is closed, DR transaction when the Expense accounts are closed, and either a DR or CR depending on whether there is NI or NL.
Daily Double! Describe what the Income Summary ledger account would look like at the end of the month. Describe all the transactions.
500
What is Analyze Transactions, Journalize, Post, Prepare Worksheet, Prepare Financial Statements, Journalize Adjusting and Closing Entries, Post Adjusting and Closing Entries, Prepare Post Closing Trial Balance
Daily Double! Name all the activities in the accounting cycle in the correct order
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