A transaction that increases accounts receivable and owners equity
What is revenue?
100
Information needed to prepare a balance sheet assets section is obtained from a worksheets account title column and
What is income statement debit column?
100
If cash is increased by $2,000 when the owner invests cash in the business, then capital is
What is increased by $2,000?
100
the first digit in the account 120 means that the account is in the _____ division of the general ledger.
What is an asset?
100
Recording revenue from business activities and expenses associated with earning that revenue in the same accounting period is an application of the accounting concept
What is Matching Expenses with Revenue?
200
Assets=liability + owners equity
What is the accounting equation?
200
Information needed to prepare an income statement's revenue section is obtained from a worksheet's Account Title column and
What is an Income Statement Credit column?
200
A business has total cash of $30,000. Then the business pays $1,000 on account, buys insurance coverage of $750, buys supplies for $1,200, and pays $300 more on account. The balance of the cash account is now
What is $26,750?
200
A business has the following expense account: 510, Advertising Expense; 520, Miscellaneous Expense; 530, Repair Expense. A new account titled Utilities Expense is added. The account number for this new account is
What is 540?
200
Preparing source documents for each transaction is an application of the accounting concept
What is Objective Evidence?
300
The difference when a total revenue is greater than total expenses
What is net income?
300
An income statement reports a business's financial
What is a condition over a specific period of time?
300
When a business pays for insurance, Prepaid Insurance is
What is increased by a debit?
300
Following the same accounting procedure in the same way in each accounting period is an application of the accounting concept
What is Consistent Reporting?
300
Assuring that financial statements contain all information necessary to understand a business financial condition is an application of the accounting concept
What is adequate disclosure?
400
A business form ordering a bank to pay cash from a bank account
What is a check?
400
If a Trial Balance columns are not equal and the difference can be divided evenly by 9, the error most likely is
What is in transposed numbers or a slide?
400
When a business buys an asset on one date and agrees to pay on a later date, the transaction is
What is on account?
400
If the Trial Balance columns are not equal and the difference is 1, the error is often
What is addition?
400
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept
What is the Accounting Period Cycle?
500
A signature or stamp on the back of a check transferring ownership
What is an endorsement?
500
The percentage relationship between one financial statement item and the total that includes that item is
What is a componenet percentage?
500
When supplies are bought on account, the account debited is
What is supplies?
500
If a pair of worksheet columns do not balance and the difference between the totals is an amount that appears elsewhere on the worksheet, the error is
What is an account that has been written in the wrong column?
500
In the United States, recording business transactions in dollars is an application of the accounting concept