What is financial event that would impact the account balances of a company's financial statements.
What is Accounting event
100
What is a balance sheet account that is used to record activities that relate to future periods.
What is Permanent Account
100
the cost required for something; the money spent on something.
What is Expense Event
100
Which method is a way to record purchases of inventory with a cash discount.
What is Net Method
100
meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold
What is FIFO
200
Which balance accounting is classification of an account. It is part of double-entry book-keeping technique.
What is Normal Balance
200
Temporary is a general ledger account that begins each accounting year with a zero balance
What is Temporary accounts
200
Which finance the adding together of interest or different investments over a period of time.
What is Accrual
200
Defined as sales in which the buyer's payment obligation to the seller is settled on delivery for example by payment in cash or by debit or credit card.
What is Cash Sales
200
It is a cost flow assumption that can be used by U.S. companies in moving the costs of products from inventory to the cost of goods sold.
What is LIFO.
300
What represents the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income since the business began.
What is Owners Equity
300
What journal entries made at the end of an accounting cycle to update certain revenue and expense accounts and to make sure you comply with the matching principle.
What is Adjusting entries
300
What accounting is a logging of transaction into accounting journal items.
What is Journal Entries
300
Which formal record of the financial activities and position of a business, person, or other entity.
What is Financial Statment
300
tax levied by a government directly on income, especially an annual tax on personal income.
What is Income Tax
400
Especially when of a company or organization and of a substantial nature.
What is Revenue
400
Which journal entry made at the end of an accounting period to transfer the temporary account balances to the permanent accounts
What is Closing entries
400
In business and accounting/accountancy continuous inventory describes systems of trading stock where information on inventory quantity and availability is updated on a continuous basis as a function of doing business.
What is Perpetual Inventory System
400
Which financial statement that measures a company's financial performance over a specific accounting period.
What is Income Statment
400
The current amount of a product that a business has in stock.
What is Inventory Level
500
the cost required for something the money spent on something.
What is Expenses
500
Which amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise.
What is Revenue
500
Which method opposed to the net method records an invoice at full price without regard to any cash discounts offered.
What is Gross Method
500
Defines what an organization is, why it exists, its reason for being
What is Mission Statement
500
What is presented or expressed in a subtle and effective way.