TERMS
TERMS (+1)
TERMS FROM EARLY WEEK
TEST QUESTIONS
POTPOURI
100
the side of an account that is increased
What is Normal Balance
100
to enter an amount on the left side of an account
What is Debit
100
a separate record used to summarize changes in assets, liability, and owner’s equity of a business
What is an Account
100
Asset accounts normally have _______ balances
What is Debit
100
Name of Ms. Macke's daughter
What is Michelle
200
enter an amount on the right side of an account
What is Credit
200
the difference between the footings of an account
What is Balance
200
person who records, sorts, and files accounting information
What is Accounting Clerk
200
At least ______accounts are affected by every transaction.
What is Two (2)
200
What was the president's name in 1975
What is Barack Obama
300
the normal balance of asset, expense, and drawing accounts
What is Debit Balance
300
the total dollar amounts on the debit and credit sides of an account
What is Footings
300
process in which accountants help managers develop a financial plan
What is Budgeting
300
If services for the month total $7,000 in cash and $1,500 on account, the revenue account increases by $__________.
What is $8,500
300
In California you can't take a picture of a man with a wooden leg, why not?
What is because you can't take a picture with a wooden leg, you need a camera...LOL LOL...OH COME ON...
400
a system in which each transaction has a dual effect on the accounting elements
What is Double-entry Accounting
400
the normal balance of liability, owner’s equity, and revenue accounts
What is Credit Balance
400
Financial document that reports the profitability of business operations for a specific period of time
What is Income Statement
400
Services on account increase a ________ account and increase the ________ account. ANS: F
What is Accounts Receivable & Revenue
400
There is a rooster sitting on top of a barn, if it lays an egg, which way would it roll?
What is "iT WOULDN'T BECAUSE...ROOSTERS DON'T LAY EGGS" OK, now that was soooo funny!
500
list of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equals the sum of the credits
What is Trial Balance
500
Any accounting period of 12 months’ duration
What is Fiscal Year
500
designs the accounting information system and focuses on analyzing and interpreting information
What is an Accountant
500
Owner's equity includes four types of accounts: Name them.
What is Owner's Capital, Revenues, Expenses, and Owner's Drawing.
500
Date of Ms. Macke's Birthday
What is June 14th.....!!!!! OMG Someone better have gotten this right.
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