Accounting 1
It is anything a company owns.
What is an asset?
What is Liability?
Another term for income.
What is revenue?
It is on the right side of the T account.
What is Credit?
What city in Massachusetts is most well known for witchcraft?
Salem
The cost of consuming assets.
What is expense?
The accounts to use when they agree to pay you later
What is Accounts Receivable?
Full meaning of GAAP.
What is Generally Accepted Accounting Principles?
The basic accounting equation formula.
What is Assets = Liabilities + Equity?
What is the number of times you need to say “Beatlejuice” to summon him?
Three
List of all accounts a business uses
What is Chart of accounts?
The account to use when agreeing to pay them later
What is Accounts Payable?
This refers to an entry on the left side of an account ledger.
What is Debit?
Something accounts are grouped in
What is a Ledger?
Which Halloween candy was originally referred to as chicken feed?
Candy Corn
The effect on cash when purchasing supplies.
What is Decrease?
Recording an expected good or service in the month it was performed or received but not invoiced.
What is an accrual?
The journal entry of purchasing of an equipment using cash.
What is Debit Equipment, Credit Cash?
It is a normal balance of equity.
What is Credit?
How much candy does the average American consume each year?
8 pounds