The Accounting Equation
Debits on the ____, Credits on the ____
left, right
Accounting is all about _______ numbers
organizing
These are assets that can be turned into cash in a short period of time
Cash Equivalents
The is the person who the check is made payable to
Payee
What is 10% of 100?
10
An increase in an asset would be on the ____ side of a T account
Left
In journal entries what always goes on top?
Debits
This is a cash control process which requires two people to complete a transaction
Dual Control
You need to write a check for your rent for $500, what do you put on the memo line?
Apartment number or for rent
What is the name of the company I used to work at right before I took this job teaching?
Charles Schwab
What is debited when you make a personal withdrawal from a business
Owner's Equity
How many weeks are in a year?
52
This is the verification that the bank statement amounts match the company cash amounts
Bank Reconciliation
This is a small booklet where you record your transactions
Check register
Marcus will tell you how to straighten out your business in this show
The Profit
If I own the bakery and want to pay for more baking pans on account what account is credited?
Accounts Payable
The set of accounting rules
GAAP
What does NSF stand for?
Non Sufficient Funds
This is what you need to create a plan for all of your expenses, savings and investments
Budget
What show do we watch that is about Ethics?
What Would You Do?
When expenses are increased, what happens to the owner's equity?
it decreases (debited)
This person reviews transactions and reports to make sure they are in compliance with GAAP
Auditor
This is cash on hand to use for small expenses for a business
Petty cash
These can be downloaded onto your phone to help you out with many different personal finance issues
Financial App
What is my cat's name?
Apollo