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Terms
Terms Continued
Transactions
Transactions 2
Miscellaneous
100
Planning, Recording, Analyzing, and Interpreting Financial Information
What is Accounting?
100
The account used to summarize the owner's equity in a business.
What is Capital?
100
These two accounts are affected when an owner invests $4000 in a business.
What are Cash and Capital?
100
These two accounts are affected when an owner pays $200 for Rent.
What are Cash and Owner's Equity (Capital)
100
The principles which Accounting practices are based on is called this.
What is GAAP?
200
Anything of value owned by a business.
What is an Asset?
200
A business owned by one person
What is a Proprietorship or Sole Proprietorship?
200
These two accounts are affected when a business pays $200 cash for supplies.
What are Cash and Supplies?
200
These two accounts are affected when a business pays $230 for a 6 month insurance policy.
What are Cash and Prepaid Insurance.
200
The Revenue amount listed at 4,200 for a company that noted they listed in millions would be read like this...
What is 4 billion 200 million (4,200,000,000)
300
anything a business OWES.
What is a Liability?
300
An increase in owner's equity resulting from the operation of a business.
What is Revenue?
300
These two accounts are affected when a business pays $30 Cash for a telephone bill.
What are Cash and Owner's Equity (Capital).
300
These two accounts are affected when a business purchases supplies from another company on account.
What are Supplies and Accounts Payable.
300
These are three disadvantages of a Proprietorship...
What are Limited Resources, Unlimited Liability, Limited Expertise, Limited Life, Obligation to Follow Government Regulations.
400
Financial rights to a business.
What are equities.
400
The Accounting Concept dealing with using common values.
What is Unit of Measurement?
400
These two accounts are affected when a business sells $300 of Products to a customer on Account.
What are Accounts Receivable and Owner's Equity.
400
These two accounts are affected when a business has a $400 sale that is made on account.
What are Owner's Equity (Revenue) and Accounts Receivable?
400
These are two advantages of a Proprietorship...
What are Ease of Formation, Total Control by Owner, Don't Share Profits
500
Assets taken out of a business for personal use.
What are Withdrawals
500
Keeping personal and business records separate is an application of this accounting concept...
What is Business Entity
500
These two accounts are affected when the owner collects $300 for a treadmill that he sold from his home gym.
There are NO ACCOUNTS affected.
500
These two accounts are affected when a business collects $400 from a customer who bought something on account.
What are Cash and Accounts receivable?
500
This is the organization in charge of setting the principles that guide Accounting.
What is FASB (Financial Accounting Standards Board)