Show:
Intro to Accounto
Financial Position
The Balance Sheet
Rules and Details
Claim this, Claim that
100
There are this many activities involved in accounting.
What is 5? - Gathering financial information, preparing and collecting permanent records, rearranging/summarizing/classifying information, preparing information reports and summaries, establishing controls to promote accuracy and honesty among employees.
100
The items that the owner actually owns with dollar values are called these.
What are assets?
100
The assets are place on this side of the balance sheet, while the liabilities are listed on this side of the balance sheet.
What is the left side for assets and right side for liabilities?
100
The last item on an assets list, a liabilities list or an owner's equity list, receives this many underlines.
What is one underline?
100
These people own the assets of a business.
Who are the persons who provided funds to acquire those assets?
200
A hair salon and a personal training gym are both examples of this type of business.
What is a service business?
200
The owners debts are called these.
What are liabilities?
200
The heading of a balance sheet must include these.
What is Who, What, When? The name of the owner/business, the style of statement and the date.
200
The balanced totals for total assets and total liabilities and equity receive this many underlines.
What is 2 underlines?
200
If a business closes, this party get to claim their assets first.
What are creditors?
300
When there is only one owner of a business, the form of ownership is called this.
What is a sole proprietorship?
300
Accountants use this equation to find the Owner's Equity.
What is Assets - Liabilities = Owner's Equity (A-L=OE)
300
Assets are listed in order of this, which means they are listed in order of how quickly items can turn to cash.
What is liquidity?
300
The rules or standards that accountants must follow are called these.
What are Generally Accepted Accounting Principles (GAAPs)?
300
When a business closes, this party suffers if the business or the assets are sold at a lower price.
Who are the owners?
400
Unlike accountants, the work of these professionals is clerical in nature. In fact, the term is being replaced with "accounting clerk".
What is a bookkeeper?
400
If John has $400 in assets and $100 in liabilities, he will have this much money in owner's equity.
What is $300?
400
This account is where owners keep money that is owed to them. It is an asset.
What is accounts receivable?
400
This GAAP states that accounting should be fair and reasonable.
What is the principle of conservatism?
400
This party gains when the business make a profit when sold.
Who are the owners?
500
Formal accounting data, prepared at least once a year is called this.
What are financial statements?
500
Furniture and Equipment are examples of these.
What are assets?
500
This title is given to a person when they owe money to a business (when they owe money towards the accounts payable)
What is a creditor?
500
This GAAP assumes that a business will continue to operate unless it is known that it will not. It is also known as the going concern concept.
What is the Continuing Concern Concept?
500
It is more desirable to do this, rather than sell of the assets of a business when it closes.
What is sell the whole company?