GAAP
Balance Sheet
Accounting Equation
Financial Statements
Vocabulary
100
Mind the GAAP
What is the first thing you do when you walk in the room?
100
The general ledger
What comes before the balance sheet?
100
A=L+OE
What is the accounting equation?
100
The income statement and the balance sheet
What are the two financial statements?
100
The left side
What is Debit?
200
Generally Accepted Accounting Principles
What is GAAP?
200
The date
What is the third line of the heading on the balance sheet?
200
Owner's equity
What is the "OE" in the equation?
200
Revenue-expenses=Net income
What is the main equation for the income statement?
200
Procedures within a company that ensures accuracy, validity, and financial security.
What is controls?
300
to ensure financial reporting is transparent and consistent from one organization to another
What is the purpose of using GAAP?
300
Liquidity
What are the assets listed by on the balance sheet?
300
What is Louie Louie?
What is the song that Mr.Carpenter showed us to help remember the accounting equation.
300
Net income
What is the formal label used to indicate the profit?
300
A database that details obligations to employees
What is payroll register?
400
Liabilities
What is the next thing listed after the assets?
400
The assets
What is the only natural account that is a debit in the accounting equation?
400
The percentages
What is the last column of the income statement?
400
An entry that moves temporary account balances to retained earnings.
What is closing entries?
500
Retained Earnings
What is the account that represents the company's total earnings and losses less all dividends occurring since the formation of the corporation.
500
The accounting equation displays that all assets are either financed by borrowing money or paying with the money of the company's shareholders.
What does ALOE show?
500
The first line of the header , the company name.
What is one thing that both the financial statements should have the same?
500
A process that ensures that two documents agree, match or balance.
What is reconciliation?
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