Ch1 Behavioral concepts
These are activities you do well
What are skills?
This is the basic accounting equation
What is Asset = Liabilities + Owner's Equity?
This is an increase to the value of an asset
What is a Debit?
This is what happens when Chuckie Ferrell transferred $10,000 from his personal checking account into the business checking account
Debit Cash in bank $10000
Credit Charles Ferrell Capital $10000
This is the cost of goods and services incurred by the business
What are expenses?
This handles a broad range of responsibilities, including making business decisions, and financial records
What is an accountant?
This is the owner's claim to the total assets of a business
What is owner's equity?
This is a decrease in Owner's equity
What is a Debit?
This is what happens when Chuckie bought $5000 in Vanilla equipment with a check
Debit Vanilla equipment $5000
Credit Cash in bank $5000
This is the normal side balance for Chuckie Ferrell Capital account
What is the Credit side?
This is how you use your time money and energy
What is your lifestyle?
This is what happens when you invest money into a business
What is Cash in Bank Increase / Owner's equity Increase?
This is the one thing you will remember from my class?
What is Debits on the left, Credits on the right.
This is what happens when Chuckie sells a computer for $300 cash
Debit Cash in bank $300
Credit Computer Equipment $300
These are the 3 temporary accounts that from chapter 5
What are revenue, Expense and withdrawal accounts?
These are principles you live by and the beliefs that are important to you.
What are your values?
This is any property or item owned by a business
What is an asset?
This is when happens when you have a Fee (revenue)
This is what happens when Chuckie provided vanilla services to a client on account for $400
Debit Accounts Receivable $400
Credit Vanilla Service Revenue $400
This is the debit and credit for Issued a check to pay for advertising
Debit Advertising Expense
Credit Cash in bank
This is a set of unique qualities that makes us different from all other people
What is your personality?
This is the creditor's claim to the business
What is a liability?
This is what happens when Account's Relievable has been reduced
What is a credit?
This is what happens when Chuckie bought a computer for $500 cash and put the rest of the $500 on account
Debit Computer Equipment $1000
Credit Cash in bank $500
Credit Accounts Payable $500
This is the increase or decrease and the side for -Effects of a transaction on an account- A debit of $400 to C. Ferrell Withdrawals