General Accounting
Vocabulary
Cr. or Dr.
Chart of Accounts where do I belong?
Miscellaneous
100
What are The Accounting Elements?
What are Assets, Liabilities, Owner’s Equity
100
Designs the Accounting information system and focuses on analyzing and interpreting information.
What is Accountant
100
I’m starting a business, if I Debit my Cash for $2,000 What should I Credit for $2,000?
What is Capital
100
On the Chart of Accounts where does Capital Belong?
What is 300's
100
Peachtree and QuickBooks are examples of?
What are Accounting Programs or Accounting Software
200
Name 2 prepaid expenses?
What is Insurance, Supplies.
200
A type of ownership structure in which one person owns the business.
What is Sole Proprietorship
200
I bought Delivery Equipment for Cash, What gets Debited Cash or Delivery Equipment?
What is Delivery Equipment, Cash would be Credited
200
On the Chart of Accounts where do Delivery Fees Belong?
What is 400's
200
The usual length of a Fiscal Period?
What is One Year or 12 Months
300
Types of business ownerships?
What is Sole Proprietorship, Partnership, Corporation
300
An unwritten promise to pay a supplier for assets purchased or services received.
What is Accounts Payable
300
If I Debit my Accounts Payable, What account gets credited?
What is Cash
300
On the Chart of Accounts where does Prepaid Insurance Belong?
What is 100's
300
What do people often confuse an Accountant for?
What is Bookkeeper
400
Three of the six major steps of the accounting process?
What is Analyzing, Recording, Classifying, Summarizing, Reporting, Interpreting
400
A List of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equals the sum of the credits.
What is Trial Balance
400
If my Delivery Fees get credited, what account should be debited?
What is Cash
400
On the Chart of Accounts where does Depreciation Expense Belong?
What is 500's
400
What does GASB stand for?
What is Government Accounting Standards Board
500
What is the Accounting Equation?
What is Assets = Liabilities + Owner’s Equity
500
Reports the profitability of business operations for a specific period of time.
What is Income Statement
500
Does a Drawing get Credited or Debited?
What is Debited
500
On the Chart of Accounts where do Notes Payable Belong?
What is 200's
500
The 3 types of Businesses?
What are Service Business, Merchandising Business, Manufacturing Business
M
e
n
u