Show:
GAAPS
Assets/Liabilities
Debits/Credits
Revenue and Expenses
Miscellaneous
100
An owner cannot put their personal car on their business balance sheet follows which GAAP?
What is The Business Entity Concept
100
True or False: Your total amount of assets is how much you are worth.
What is False
100
What you do to decrease a liability.
What is debit it
100
The normal balance of an expense.
What is debit
100
The percentage of H.S.T.
What is 13%
200
The GAAP that states that revenue should be recognized or recorded at the time it is earned
What is The Revenue Recognition Principle
200
The liability that is the money you owe to others.
What is Accounts Payable
200
What you do to reduce an asset account.
What is credit it
200
The money we spend to earn revenue.
What is an expense
200
The equation you use when calculating straight line depreciation.
What is (Cost Price-Salvage Value)/Estimated Useful Life
300
GAAP is the acronym for this
What is Generally Accepted Accounting Principles
300
The asset that has the highest liquidity.
What is Cash
300
The natural balance of a capital account.
What is credit
300
True or False: It is impossible that expenses can be higher than revenue.
What is False
300
According to the Chart of Accounts Numbering Systems, 300-399 are for these accounts.
What is Equity Accounts
400
The GAAP that states that all accounting transactions must be based on objective evidence, for example a source document.
What is The Objectivity Principle
400
Assets and liabilities go on the: a) Balance Sheet b) Income Statement c) Both
What is A
400
True or False: It is possible for capital to have a credit balance.
What is True (it means you are in a deficit)
400
What total revenues minus total expenses is equal to.
What is Net Income/Net Loss
400
True or False: When doing a closing entry, you must close expenses, revenues, and drawings accounts.
What is True
500
If you purchased land at $100,000 in 2006, but it is worth $329,000 now, what would you put on your balance sheet?
What is $100,000
500
Your total amount of assets if your owners equity is $1500 and your total amount of liabilities is $200.
What is $1700
500
The name for when your account balance is on the opposite side to what it normally is.
What is an Exceptional Balance
500
Revenues and Expenses belong on a: a) Balance Sheet b) Income Statement c) Both
What is B
500
The mix of G.S.T (goods and services tax) and P.S.T (provincial sales tax).
What is Harmonized Sales Tax (H.S.T)