This type of accounting is used internally to identify trends in business, evaluate stocks, record business transactions, and evaluate market profitability.
What is Management Accounting?
100
The accounting concept that states that the business records and the owner's personal records must be kept separate.
What is the concept of "Business Entity"?
100
The five letter word that gets shorter when you add an "e" and an "r" to it.
Personal accounting firms, personal tax firms, and financial advisors are examples of businesses who do what kind of accounting?
What is Financial Accounting?
200
True or False. An owner may withdraw only cash from a business; other assets must remain in the business at all times for the accounting equation to be in balance.
What is False?
200
The way in which you can cut a round birthday cake into exactly 8 pieces when you are only allowed to make three straight cuts and you cannot move any pieces of the cake as you cut.
What is "First cut an X then cut the cake through the middle"?
300
A sale for which cash will be received at a later date.
What is a "sale on account"?
300
Received cash from owner as an investment.
What is cash increases and O.E. (capital) increases?
300
By producing large quantities of products either manually or using machinery, this business entity allows its customers to purchase products at low costs.
What are manufacturers?
300
The accounting concept that states that revenue iis recorded at the time goods and services are sold.
What is the concept of "Realization of Revenue"?
300
If you pt a coin in an empty bottle and insert a cork into the neck of the bottle, how could you remove the coin without taking the cork out or breaking the bottle?
What is "push the cork all the way into the bottle then shake the coin out"?
400
A business activity that changes assets, liabilities, or owner's equity.
What is a "transaction"?
400
Sold services on account.
What is A/R increases and O.E. (sales/revenue) increases?
400
"Job order" and "Product" are examples of what kind of accounting?
What is Cost Accounting?
400
The order that assets appear on a Balance Sheet.
What is the order of liquidity?
400
You have two coins that total $0.35, one of which is not a dime. What are the coins?
What is a quarter and a dime?
500
A decrease in owner's equity resulting from the operation of a business.
What is an "expense"?
500
Bought supplies on account.
What is supplies increases and A/P increases?
500
This type of accounting originated during the Industrial Revolution.
What is Cost Accounting?
500
True or False. Regardless of when payment is made when services are sold, the revenue should be recorded at the time of the sale.
What is True?
500
You built a house with all four walls facing south. The house is perfectly rectangular. What color is the bear?