Vocabulary
Debit vs. Credit
Accounting Basics
Accounting Cycle
Miscellaneous
100
Accounting is the language of business
What Is Accounting?
100
In accounting, debit simply means left, credit means right.
which direction are debit and credit
100
how much money you owe
What is debt
100
Analyze Transactions, Journalize, Post, Trial Balance, Prepare Financial Statements.
whats the five steps of the accounting cycle?
100
leader
a person or thing that leads.
200
Reports that summarize financial data over a period of time.
define Financial Statements
200
debit is better to pay with, because you wouldn't have to pay it back later.
which is better to pay with, credit or debit/and why?
200
income statement first balance sheet last.
what order must financial statements be in?
200
View source documents that describe business transactions
how do you analyze transactions.
200
manger
who does all three of these; Make day-to-day decisions Review past results Plan for the future
300
Capital
What is The amount an organization or individual is worth?
300
FALSE debit increases the value.
If the normal balance of an account is a debit, then debiting decreases the value of the account. TRUE or FALSE
300
What is net profit is after taxes are taken out.
what is net profit.
300
Entries are organized by date
how are entries organized in journalism
300
entrepreneur
what to you call a person who creates there own business.
400
What is The movement of cash into and out of a business
what is Cash flow
400
left of equal sign is debit Right of equal sign is credit
what is the accounting equation?
400
gross profit is before taxes are taken out.
what is gross profit
400
TRUE
true or false? All journal entries are posted in a ledger
400
five steps.
how many steps are in the accounting cycle?
500
Claims against assets
Liabilities are...
500
true
true or false. Balance sheet accounts have normal balances based upon the accounting equation
500
true.
true or false. Net income from Income Statement goes into Capital account on Balance Sheet
500
equal total credits.
what should total debits equal?
500
Check on the progress of the business Plan the future direction of the business
why should you keep records?
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