T Account Fun
I Love Liabilities
Alphabet Soup
Name that Ratio
Count me INventory
100
Increase to an expense account
What is Debit
100
2% 10, net 30 is an example of this
What is Terms on a credit account
100
Group responsible for setting accounting standards
What is FASB
100
Net income/Average total assets
What is Return on assets
100
Method which requires periodic counting
What is Periodic method
200
Decrease to an Asset Account
What is Credit
200
Name of account created when customers pay in advance for products or services
What is Unearned Revenue
200
Shipping term, it means the buyer pays the freight
What is FOB shipping point
200
Total liabilities/Total assets
What is Debt ratio
200
Method that assumes inventory items are sold in the order they are acquired
What is FIFO
300
Decrease to a Liability Account
What is Debit
300
Amounts payable to workers
What is Wages payable
300
Rules that specify acceptable accounting practices
What is GAAP
300
Current assets/Current liabilities
What is Current ratio
300
Method that assumes that the most recent purchases are sold first
What is LIFO
400
Increase to an Equity Account
What is Credit
400
Name of account created when buying goods on credit
What is Accounts Payable
400
Sets reporting requirements for public companies
What is SEC
400
Net income/Net sales
What is Profit margin
400
Beg Inventory + Purchases - Ending Inventory = This
What is Cost of Goods Sold
500
Increase to an Unearned Revenue Account
What is Credit
500
Name of account that holds a coporation's distribution to its stockholders before payment
What is Dividends Payable
500
One of the organizations created by Congress after Enron, this act created the Public Company Accounting Oversight Baord
What is SOX (Sarbanes-Oxley Act)
500
Ending inventory/cost of goods sold x 365
What is Days' sales in inventory
500
Method used for high ticket items which can be individually identified
What is Specific identification
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