TV & Film
Fashion
CHAPTER 3
CHAPTER 4
CHAPTER 5
100

Claims against assets of a company.

What is equities?

100
The type of accounts recorded on the right side of the balance sheet
What are liabilities and owners equity accounts?
100
!! DAILY DOUBLE !! Systematic check of accounting records and procedures by an accountant.
What is an audit?
100
Proof of the mathematical accuracy of the ledger.
What is a trial balance?
100
An increase to the owner’s equity for the period.
What is net income?
200

In 1977, George Lucas made Hollywood history by retaining the merchandising rights for this film.

What is Star Wars?

200
!! DAILY DOUBLE!! List of ledger account balances
What is a trial balance?
200
An entry that has more than one debit or more than one credit.
What is a compound entry?
200
500-599
What account number does expense accounts belong in?
200
Payments that are made in advance.
What are prepaid expenses?
300
Assets are shown on the balance sheet at the cost of their acquisition or construction.
What is the cost principle?
300

In 2000, this luxury fashion brand licensed its name for hotel and resort development.

What is Versace?

300
A list of the names and account numbers of all of the accounts in a ledger.
What is a chart of accounts?
300
The business form that serves as the original source of information that a transaction occured.
What is a source document?
300
Accounts payable, taxes payable, salaries payable, and loans payable.
What are some examples of current liabilities?
400

In 1977, George Lucas made Hollywood history by retaining the merchandising rights for this film.

What is Star Wars?

400
The debit amount equals to the credit amount for each transaction
What is double-entry accounting?
400
200-299
What account number does the Liability account fall under?
400
Prepared for all cash saled by a business
What is a cash sales slip?
400
A document used to prepare the financial statements at the end of the fiscal period.
What is a work sheet?
500
The order in which liabilities are listed on the balance sheet. Liabilities are to be listed in the order they are to be repaid.
What is maturity date?
500
1.Add up the debit side, 2. Add up the credit side, 3. Subtract the smaller amount from the larger and place the answer on the larger side of the account.
What are the 3 steps in determining account balances?
500
A period of time covered by the financial statements.
What is the accounting period?
500
!! DAILY DOUBLE !! Objective evidence to support the value used to record transactions.
What does the principle of objectivity require?
500
A document that describes the changes is owner’s equity for the accounting period.
What is the statement of owner’s equity?
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