Financial Statements
Transactions
Accrurals
Journal Entries
Anything Goes
100
This statement consist of the Accounting Equations accounts.
What is the Balance Sheet or Statement of Financial Position.
100
The accounts with a Credit Normal Balance
What are the Revenue, Shareholder (Owner's ) Equity, and Liability Accounts
100
Accounting can be based on these 2 basis
What is Cash and Accrual
100
Issued Common stock for $50,000, what are the 2 accounts identified?
What is Common Stock and Cash
100
Left side of an account
What is Debit
200
The order in which financial statements are performed. (Do not include the Statement of Cash Flow)
What are the Income Statement, Statement of Retained Earnings and Balance Sheet
200
List the headig for each account type on the Chart of Accounts
What is Assets 1, Liability 2, Equity 3, Revenue 4 and Expense 5
200
Accounting adjustments fall into these three basic categories
What is Deferrals, Accruals and Depreciation
200
One month of depreciation on Equipment, $1200 per year
What is Depeciation Expense $100 Accumulated Depreciation (Equip) $100
200
The Accounting Chairperson
Who is Mr. Harry Gray
300
The statement that contains the Dividend account
What is Statement of Retained Earnings
300
Grouping of accounts
What is the Ledger
300
The 2 statements that adjusting entries affects
What is Income Statement (Revenue or Expense) and Balance Sheet (Asset or Liability)
300
Suplies that have been used, $300
What is Supply Expense $300 Supplies $300
300
Four types of businesses covered in Chapter 1
What are Proprietorships, Partnerships, LLCs and Corporations
400
The three basic types of business activities
What is Operating, Investing and Financing
400
The list of all accounts with their balances is the
What is the Trial Balance
400
The permanent accounts
What are Assets, Liabilities and Stockholder (Owner) Equity
400
Received $500 to paint house next month
What is Cash $500 Unearned Revenue $500
400
Professional guidelines for accounting
What is Generally Accepted Accounting Principles (GAAP)
500
Name the 3 Period Statements
What are the Statement of Retained Earnings, Statement of Cash Flow and the Income Statement (Statement of Operations)
500
The four steps of the accounting cycle covered to date...
What is 1. Analyze, 2. Record (Journal), 3. Post and 4. Adjust
500
The permanent account that closing entries are posted to
What is Retained Earnings
500
Close the following period accounts Telephone Expense $1,600 Salary Expense $20,000
What is Retained Earnings $21,600 Telephone Expen $ 1,600 Salary Expense $20,000
500
Deadline for filing individual taxes this year
What is April 17, 2012
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