Chart of Accounts
Accounts receivable is and give 3 examples?
What is anything that can be turned into cash. printer,tracter,dryer
These 3 accounting information is found on the Cash Flow Statement
What is assets, liabilities, and equity
A form for recording transactions in chronological order.
what is a journal
Cash, account receivable, prepaid insurance are all examples of
What is an asset
?
Revenue and expenses are found on this statement
What is the income statement accounts?
The recording of debit and credit parts of a transaction.
What is a double-entry accounting
Common Stock, Retained Earnings, Treasury Stock are itemized under which chart of accounts
What is Stockholders' equity?
The income statement is important because when the accrual basis (or method) of accounting is used, it shows one important piece for company which is_______ and give an example of the time period displayed on the heading
What is the profitability of a company
For example, the heading may state:
"For the Three Months Ended December 31, 2019" (The period of October 1 through December 31, 2019.)
(Is is over a time interval not just a day or month)
A business form ordering a bank to pay cash from a bank account.
What is a Check
when a company borrows $1,000 from a bank, the transaction will affect and be recorded under these company's two accounts.
Hint- This was in the debit/credit slides on recording for a debit and a credit in the journal.
What is Cash Account and Notes Payable Account
??
The end product of the accounting system when debits/credits are balanced and you combine an income statement, balance sheet, and cash flow into this statement
What is the financial statement?
Dividends
Expenses
Assets
Losses
Are an increase and recorded in the journal under which column and which side
What is a debit?
The acronym G.I.R.L.S. stand for____ and is an increased with credit
What is Gains, Income, Revenues, Liabilities, Stockholder's Equity?
During each accounting period (year, quarter, month, etc.) a portion of the cost of the assets (vehicles,equipment, machinery, etc.) is being used up. The portion being used up is reported as this and recorded on which statement
What is a Depreciation expense on the income statement?
This is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.
What is Accounting?