The total dollar value and total debt value on a balance sheet.
What are assets and liabilities?
100
An asset, liability or equity item recorded on a business paper that has information related to the transaction.
What are Source Documents?
100
A group or file of accounts.
What is a Ledger?
100
Assets or Liabilities that are not booked on the balance sheet.
What are off-balance transactions?
200
Provides that the accounting for a business should be fair and reasonable.
What is the Principle of Conservatism?
200
Assets - Liabilities = OE or Assets= Liabilities + OE
What is the fundamental accounting equation?
200
A financial event that causes a change in financial position.
What are business transactions?
200
The left side of the account an the right side of the account.
What are debit and credit?
200
Accounting for the "Fair Value" of an asset or liability based on the current market price, similar assets and liabilities, or based on another objectively assessed "fair value".
What is "mark to market accounting"?
300
This states that accounting will be recorded on the basis of objective evidence.
What is the Objectivity Principle?
300
Placed before every total.
Where do you the place single lines on the balance sheet?
300
A sheet used for studying and recording changes in financial position.
What are equation analysis sheets?
300
Every transaction is recorded in two steps, as a debit and credit.
What is the double entry system?
300
Toys 'R' Us
Which company has recently filed for bankruptcy and have filed for bankruptcy protection?
400
It provides that the accounting for a business organization must be kept separate from the personal affairs of its owner, or from any other business or organization.
What is the Business Entity Concept?
400
Placed under the final totals.
Where do you the place double lines on the balance sheet?
400
Step 1: Identify all items that must be changed and make all necessary changes.
Step 2: See if the Owner's Equity has changed.
Step 3: Make certain that at least two of the individual items have changed
Step 4: Make sure the equation is still in balance.
What are the steps in analyzing a transaction?
400
When you over pay an account payable is an example.
What is an example of Exceptional Account Balances?
400
He created up to $50 billion of losses for investors. Said to be the biggest fraud in the history of wall street.
What did Bernie Madoff do?
500
It assumes that a business will continue to operate unless it is known that it will not.
What is the Continuing Concern Concept?
500
The creditors claims are settled before the owners claims.
What are claims against the assets?
500
Good accountants use their memory, common sense, clear thinking and a thorough understanding of accounting theory.
What are good work habits accountants should have?
500
Listing a account balance in a ledger.
What is a trial balance?
500
They used mark to market accounting and off balance sheet transactions as well as some help from banks.