An event that changes the accounts of a company and that changes the amount of money that they have.
What is an Accounting Event
100
An event where the Owner's Equity of a company increases by making a sale
What is a revenue event
100
where the price of product is recorded at the original price regardless of discounts.
What is Gross Price Method
100
The account in the balance sheet that is changed after a cash sale is made.
What is Assets
100
What happens to the Net income if the ending inventory is off
What is understated
200
An account that is zeroed out at the end of the accounting period with a closing entry.
What is a Temporary Account
200
An event where the company is losing money by making a purchase and the Owner's Equity is decreased.
What is an expense event
200
where revenue is accounted before the cash is received
What is accounts receivable
200
Statement that increases due to inflow of cash after a cash sale is made
What is Statement of Cash Flow
200
Shows owner's Equity, expenses and sales
What is Income statement
300
Has a credit normal balance and causes Owner's Equity to increase
What is revenues
300
revenues or expenses that have been incurred but have are not yet recorded in the accounts and if they are not done the statements of a company will be off.
What is Accruals
300
where revenue is recorded during the cash being received
What is revenue
300
System where you pay fewer income taxes
What is LIFO
300
System where the interest earned each period are added to the starting balance and that becomes the starting balance for the next period
What is Compound interest
400
Has a debit normal balance and causes Owner's Equity to decrease.
What is Expenses
400
The journal entries for a periodic and a perpetual inventory system
What is inventory and cost of goods sold
400
where revenue is recorded after the cash is received
What is assets
400
System where you pay more income taxes in cases of a price increase in inventory
What is FIFO
400
a system where the interest earned are added to the starting amount and then it starts again the same for the next period.
What is simple interest
500
An account that is passed on to the next accounting period and that is changed by Adjusting entries daily.
What is a Permanent Account
500
when a product is recorded at it's value after there have been discounts that were deducted
What is Net Price Method
500
the account that increases in the income statement when a cash sale is realized
What is Revenue
500
What happens to the Cost of Goods Sold if the ending inventory is off