TERMS
TERMS (+2)
TERMS FROM EARLIER WEEKS
TEST QUESTIONS
POTPOURI
100
Any accounting period of 12 months’ duration
What is Fiscal Year
100
to enter an amount on the left side of an account
What is Debit
100
process in which accountants help managers develop a financial plan
What is Budgeting
100
Asset accounts normally have _______ balances
What is Debit
100
Name of Ms. Macke's daughter
What is Michelle
200
A method of matching an asset’s original cost against the revenues produced over its useful life
What is Depreciation
200
The work sheet columns that show the amounts that will be reported in the balance sheet and the statement of owner’s equity
What is Balance sheet columns
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 expected market value of an asset at the end of its useful life
What is Salvage value
300
the total dollar amounts on the debit and credit sides of an account
What is Footings
300
a separate record used to summarize changes in assets, liability, and owner’s equity of a business
What is account
300
______________ is written in the Item column of the General Ledger when posting them.
What is Adjusting" entries
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 form used to pull together all of the information needed to enter adjusting entries and prepare the financial statements
What is worksheet
400
The difference between the asset account and its related accumulated depreciation account. The value reflected by the accounting records
What is Book value
400
Financial document that reports the profitability of business operations for a specific period of time
What is Income Statement
400
Name 4 types of expense accounts
What are wages, utilities, rent, Supplies, Insurance, etc.
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
A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred
What is Accrual basis of accounting
500
that requires assets to be recorded at their actual cost
What is Historical Cost Principle
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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