CHAPTER 1
CHAPTER 2
CHAPTER 3
CHAPTER 4
CHAPTER 5
100
Items owned by a business.
What are assets?
100
The accounting term used for the left side of an account.
What is a debit?
100
Line 1- Who? Line 2- What? Line 3- When?
These three headings answer the questions for the income statement and the balance sheet
100
The process of recording transactions in a journal.
What is Journalizing?
100
Liabilities not due to be paid for one year.
What are long-term liabilities?
200
To provide financial information for decision making.
What is the purpose of accounting?
200
The accounting term used for the right side of an account.
What is a credit?
200
Left side= Right side
proof that the balance sheet is correct
200
The Transfer of information from a journal ledger
What is Posting?
200
A figure that represents the decrease to the owner’s equity for the period.
What is net loss?
300
Accounts Payable, Bank Loan, and Mortgage payable.
What are examples of liabilities?
300
Group of accounts.
What is a ledger?
300
Revenue
What increases owner's equity?
300
Three column account
Another name for the balance-column ledger account?
300
A financial statement that lists items in special categories.
What is a classified balance sheet?
400
Liabilities= Assets-Owners Equity
What is the balance sheet equation?
400
The difference between the totals of two sides of an account.
What is the account balance?
400
Records the withdrawl of assets from the business by the owner
What is the Drawings Account?
400
Owner's equity accounts
What account does 300-399 represent?
400
Documents prepared whenever the accountant feels they would provide useful information for the readers of the financial statements.
What are supporting schedules and statements?
500
Financial Statements that list the assets, liabilities, and owners equity at a specific date.
What is the balance sheet?
500
Balances recorded on the right side of the liability accounts.
What are liability balances?
500
.. prepared before the balance sheet.
When is the income statement made?
500
1. Locate the account 2. Record the date 3. Enter the amount
What are the first 3 steps of posting?
500
Financial statements which are prepared in vertical format
What is a report form balance sheet?
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