Chapter 26
What are the two types of promissory notes?
A form that lists the items included in the shipment
Packing Slip
A visual representation of a ledger account
T account
Avatar at over $2 Billion global
What is the largest state in the U.S?
Alaska
A written promise to pay a certain amount of money
at a specific time
Promissory Note
A written request that a specified item or items be ordered
Purchase Requisition
The increase side of an account
Normal Balance
What is the highest grossing animated film?
Frozen 2 at $330 million global
Name one of the most popular music genres
Pop, Hip-Hop, Rap
What are the two kinds of Note Payable?
Interest-Bearing Note Payable
Non-Interest-Bearing Note Payable
A file that contains a folder for each day of the
month into which invoices are placed according
to their due dates
"Tickler File"
A group of accounts; also referred to as a general ledger
Ledger
The Simpsons
What is the most population dense state in the U.S?
New Jersey
Name the four things a promissory note is used for
Paying for Products, Paying for Services, Lending, Borrowing
What are the two types of discounts?
Purchases Discount, Discount Period
What are the names of the two entry sides of an account?
Credit and Debit
What is considered to be the one of the most controversial animated shows?
South Park, Family Guy
When was Southbridge Middle High School built?
2012
What is the formula to calculate interest
Interest = Principal x Interest Rate x Time
A separate ledger that contains accounts for all creditors;
it is summarized in the Accounts Payable controlling account
in the general ledger
Accounts Payable Subsidiary Ledger
A system used to analyze and record
a transaction
Double-Entry Accounting
I have Rs 50, I spend Rs 50, where did the extra Rs 1 come from? ( this is extremely hard and don't ever expect you to get it. Double points if you give the right answer and if no one gets this right all teams get 250 points.)
The extra Rs 1 comes from incorrectly summing the remaining balances, which is a meaningless calculation. The sum of the amounts spent correctly equals the initial amount of Rs 50
Name one of the American territories that isn't Puerto Rico
U.S. Virgin Islands, American Samoa, Northern Mariana Islands, Guam