Accounting 101
What is the accounting equation?
Assets = Liabilities + Owner's Equity
This item, commonly worn on Halloween, generated over $2.7 billion in sales in 2021.
A costume
False
This creature is known for transforming into a wolf during the full moon.
Werewolf
Supplies is classified as what part of the accounting equation?
Asset
In the U.S., this popular candy, often sold in bulk for Halloween, was the most purchased candy in 2022, known for its chocolate and peanut butter combination.
Reese's Peanut Butter Cups
When you receive cash from sales you should do what to cash?
Debit Cash
This 1978 film features a masked killer stalking babysitters on Halloween night.
Halloween
When you are proving (closing out) a page in a journal you should write this down in the account name to indicate you are continuing on a new page
Carried Forward
What decade did Halloween first come to the United States?
1840's
Sales is classified as what type of account?
Revenue
In this 2018 film directed by John Krasinski, individuals are forced to remain quiet otherwise they will die
A Quiet Place
The general ledger separates transactions by what?
Accounts
American's are expected to spend approximately this much money this year on Halloween.
$11.6 Billion
Buying or selling on account means what?
Buying or selling something now but paying for it later
This franchise features a character named Freddy Krueger, who haunts teenagers in their dreams.
Nightmare on Elm Street
When beginning a new journal page that you carried forward from the previous page, what do you put in the account title?
Brought Forward
According to the National Retail Federation, approximately what percentage of Americans participated in Halloween festivities in 2021, including costume purchasing and trick-or-treating?
65%
When an owner withdraws money from the business, what are the two entries you need to make. Credit ______ and Debit _________
Credit Cash and Debit Owner's Drawing
This 2017 horror film, directed by Jordan Peele, explores themes of racism through a chilling story about a young man meeting his girlfriend's family.
Get Out