Accounting Concepts
Service Business
Service Business 2
Service Business 3
Cash Controls
100
The accounting concept that uses source documents to prove transactions.
What is Objective Evidence?
100
A business owned by one person.
What is a sole proprietorship?
100
The difference between revenue and expenses when revenue is greater.
What is Net income?
100
A check that the bank refuses to pay.
What is a dishonored check?
200
An accounting concept that records owner's personal information and business information separately.
What is Business Entity?
200
An account used to summarize the owner's equity account.
What is capital?
200
A business activity that changes assets, liabilities, and owner's equity.
What is a transaction?
200
The difference between revenue and expenses when expenses are greater.
What is Net Loss?
200
A form prepared for the placement of cash into checking account.
What is a deposit slip?
300
An accounting concept where financial statements are prepared with the expectation that the business will remain in operation forever.
What is Going Concern?
300
Financial statement that summarizes assets, liabilities and owner's equity.
What is a Balance Sheet?
300
A ledger that contains all accounts needed to prepare financial statements.
What is a worksheet?
300
Transferring information from a journal to a ledger.
What is Posting?
300
the use of a computer and telecommunications network to transfer funds from one party to another.
What is an EFT?
400
An accounting concept where financial statements contain all information necessary to understand a business' financial condition.
What is Adequate Disclosure?
400
A financial statement that summarizes revenue, expenses and net income/loss.
What is an income statement?
400
The length of time for which a business summarizes and reports financial information.
What is a fiscal period?
400
A trial balance prepared after the closing entries are posted.
What is post closing trial balance?
400
A system established by a business that keeps a small amount of cash on hand for making small payments.
What is petty cash?
500
An accounting concept where changes in financial information are reported for specific period of time in the form of financial statements.
What is Accounting Period Cycle?
500
An entry made to correct an error in a ledger.
What is a correcting entry?
500
Accounts used to accumulate information from one fiscal period to the next.
What is permanent accounts?
500
The account where all temporary accounts are closed to at the very end.
What is CAPITAL!?
500
An endorsement that transfers fund from one owner to another.
What is a special endorsement?
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