Which event do the following characteristics pertain to?:
1) Specific to entity
2) Measurable in monetary terms
3) Impact the entity’s assets, liabilities, and/or owner's’ equity
What is an accounting event?
100
What happens to owners equity when a revenue is made:debit or credit?
What is a credit in owners equity?
100
When an expense is made what happens to owners equity: debit or credit?
What is a debit to owners equity?
100
If actual ending inventory is less than the estimated inventory, then is the estimate understated or overstated?
What is overstated?
100
Revenue is what type of account in Owners Equity?
What is a temporary account?
200
Revenues and Expenses are contra accounts found in which account?
What contra accounts are found in Owners Equity?
200
What type of event would a company record making a sale as?
What is a revenue event?
200
What type of event would a company record paying a bill as?
What is a expense event?
200
If actual inventory is more than the estimated inventory, then is the estimate overstated or understated?
What is understated?
200
What type of account are expenses in Owners Equity?
What is a temporary account?
300
What is the normal balance of a capital?
What is a credit?
300
In times of rising prices, which method would indicate that a company is making more profit: FIFO or LIFO?
What is FIFO?
300
If a company wants to show less profit during times of rising prices, which accounting would be used: FIFO or LIFO?
What is LIFO?
300
Which inventory system determines the ending inventory and the cost of the goods sold associated with that inventory at the end of the period?
What is periodic inventory system?
300
Revenue and expense accounts are the opposite of which account in Owner's Equity?
What is permanent account?
400
What is the normal balance of a withdrawal?
What is a debit?
400
In times of rising prices which method would a company use to pay less taxes: FIFO or LIFO?
What is LIFO?
400
When revenue is recognized, what happens to expense?
When is expense recognized?
400
Which inventory system tracks the cost of goods sold and the inventory are on a continuous basis.
What is the perpetual inventory system?
400
Which pricing method requires you to record the discount even before you take it?
What is net price?
500
What is the normal balance of income?
What is a credit?
500
When a revenue is realized and earned it is...?
When is revenue recognized?
500
Which account is a contra account to revenue?
What is an expense account?
500
Which account is a balance sheet account that is used to record activities that relate to future periods and is not closed at the end of a period?
What is permanent account?
500
Which pricing method records discounts separate from purchases and purchase returns and allowance?