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Transactions
Financial Claims
Accounting Cycle
Trial Balances
Payroll System
100

Assets=Liabilities+ Stockholders Equity

What is the accounting equation?

100

Common accounting rules that must be followed when a US company prepares financial statements

What is General Accepted Accounting Principles (GAAP)?

100
A record of cash received by a business.
What is a reciept?
100
Prepared as a formal way to prove that debits equal credits.
What is a trial balance?
100

Assets acquired first are sold or used first

What is FIFO?

200
A book or file containing a separate page for each business account.
What is a ledger?
200
Property or items that is owned by a business.
What are assets?
200

a company's ability to convert its assets to cash

What is liquidity?

200

profit that was lost or missed because of some action or failure to take some action

What is opportunity cost?

200
The amount left over in paycheck after total deductions are subtracted from gross earnings?
What is the net pay?
300
A list of all accounts and their assigned account numbers.
What is a chart of accounts?
300

Classified as owning cash, office equipment, manufacturing equipment, buildings, and land.

What are assets?

300

the owner of one or more shares of a corporation's capital stock

What is a stockholder/shareholder?

300

cash that a corporation pays to its stockholders

What are dividends?

300

An account that is presented on the balance sheet and represents the expenses paid in advance

What are prepaid expenses?

400
An amount entered on the right side of a T-account.
What is credit.
400

When you purchase on account and agree to pay later.

What is credit?

400
An accounting period of 12 months.
What is a fiscal year?
400

A motion made to fix an error in a journal entry.

What is an adjusting entry?

400

Liabilities that are due within the next 12 months

What are current liabilities?

500
An amount entered on the left side of a T-account.
What is a debit?
500
Any person or business you owe money to.
What is a creditor?
500
The process of recording business transactions.
What is journalizing?
500

reports revenues on the income statement when they are earned

What is the accrual method?

500

The PP&E account that cannot be depreciated

What is land?