An increase in an asset account increases the ___ side of a T-account.
Debit
100
Cash is a __ account on the Balance Sheet.
What is a Current Asset?
100
_________ is the definition of Accounts Receivable.
What is assets of a business and represent money owed to a business by others.
100
A person's N would be __ in the TVM equation if they deposit money semianually for 16 years.
What is 32?
100
Assets are located on this Financial Statement.
What is the Balance Sheet?
200
An increase in any Owner's Capital account increases the ___ side of the T-account.
What is Credit?
200
Prepaid Rent is a ___ account on the Balance Sheet.
What is an asset?
200
_________ is the definition of Accounts Payable.
What is liabilities of a business and represent money owed to others.
200
Define the variables in the TVM equation. (N, i, PMT, PV, FV)
What is..
N-number of periods
i-interest rate
PMT-payment
PV-present value
FV-future value
200
Revenues are located on this financial statement.
What is the Income Statement?
300
____ is debited when a sale is made but the company is receiving cash later.
What is Accounts Receivable?
300
Unearned Revenue is a ___ account on the Balance Sheet.
What is a liability?
300
____ is the definition of an intangible assets. ___&___ are two examples of intangible assets.
What is is an asset that you cannot touch.
(copyrights, patents, mailing lists, trademarks, brand names)
300
A deposit of $4500 at 10% compounded semiannually for will be worth __ at the end of six years.
What is $8081.55
300
____ is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.
What is the Statement of Cash Flows?
400
When a company buys equipment on an account, ___ is debited and ___ is credited.
What is equipment and accounts payable?
400
Name five current asset accounts.
What is...
-cash
-cash equivalents
-accounts receivable
-inventory
-marketable securities
-prepaid expenses
-other liquid assets that can be readily converted to cash
400
___ is the definition on contingent liability.
What is a potential liability dependent upon some future event occurring or not occurring.
400
It takes _ years for $856 to grow into $1122 at an annual interest rate of 7%.
What is four?
400
For the Year Ended December 31, 2017 is the heading of this financial statement.
What is the income statement?
500
Correctly draw the Debits and Credit chart that shows increases and decreases for Assets, Liabilities, S/E, Revenues, and Expenses.
What is:
Assets +|-
Liabilities -|+
S/E -|+
Revenue -|+
Expenses +|-
500
Lawsuit liabilities are recorded when it is ___ and ___.
What is probable and estimable?
500
_____ is the definition of Bad Debts Expense.
What is the loss that a company experiences because it sold goods or provided services and did not require immediate payment.
500
You deposit $300 into a fund at the beginning of each month. You earn 10% compounded interest monthly. You will have earned ____ at the end of 6 years?
What is $29,679?
500
As of December 31, 2017 is the header for this financial statement.