Accounting Equation & Debits and Credits
What is the accounting equation?
What is (A=L+E) Assets = Liabilities + Owner’s Equity
What does a Trial Balance prove?
What is debit equals credits
What accounts are on the Balance Sheet?
What is Assets, Liabilities, and Owner's Equity (Capital)
How is Net Pay calculated?
What is gross pay minus total deductions
What is Petty Cash used for?
What is small expenses
If a company has assets of $100,000 and liabilities of $40,000, what is owner’s equity?
What is $60,000
What accounts are listed on the debit side of the Trial Balance?
What are Assets, Expenses and Drawing/Dividends
What accounts are on the Income Statement?
What is Revenue and Expenses
Employers must match which payroll tax?
What is FICA (social security and medicare)
When are petty cash transactions recorded?
What is when the fund is replenished
What accounts increase by Debit?
What is Asset, Expenses and Drawing/Dividends
What accounts are listed on the credit side of a Trial Balance?
What are liabilities, Owner's Equity (Capital) and Revenue
Does Net Income increase or decrease Owner's Equity?
What is increase
What taxes are not deducted from an employee’s paycheck?
What is FUTA and SUTA
What transactions require adjusting journal entries after a Bank Reconciliation?
What is transactions in the bank statement but not in the books (bank fees, NSF checks and errors)
What accounts increase by Credit?
What is Liabilities, Owner's Equity (Capital) and Revenue
What is the correct order of accounts on a trial balance?
Assets, Liabilities, Equity, Drawing/Dividends, Revenues, Expenses
Which financial statement shows net profit or loss?
What is Income Statement
How is overtime pay calculated?
What is 1.5 times the regular rate
What transactions would be subtracted from the bank balance during reconciliation?
What is Outstanding Checks
How do you determine the normal balance of an account?
What is how the account is increased
What accounts are on the Post-Closing Trial Balance?
What are Assets, Liabilities and Owner's Equity (Capital)
What statement is prepared first, Balance Sheet or Income Statement?
What is Income Statement
What is another word for Net Pay?
What is take home pay
What transactions would be added to the bank balance during reconciliation?
What is Deposit in Transit