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Debits and Credits
Balance Sheet
Income Statement
Glossary Terms
Double Entry System
100
debit
What is the normal balance in the cash account?
100
An Asset
What has future benefit?
100
Revenue Less Expenses
What is the equation of an income statement?
100
Cash Receipts
What is the journal to record incoming cash?
200
the right side
What is direction of a debit?
200
Goodwill
What is an intangible asset?
200
Net Income
What is Revenue Less Expenses?
200
Cash Payments or Checks
What is a cash payment journal?
200
Milan, Italy
What is the place the inventor of accounting was born?
300
Assets equal liabilities and owners equity
What is the basic accounting equation?
300
Accumulated Depreciation
What is the amount allocated to expense on a long term asset?
300
When Revenue is less than expenses
What is a Net Loss?
300
General Ledger
What is the main book that all the journals get posted to?
300
Quickbooks
What is a popular software program for bookkeeping?
400
A trial balance
What is a listing of accounts and balances taken from the General Ledger?
400
Mortgage Payable
What is the name of a liability which is a loan on a building?
400
Gross Profit
What is Sales less Cost of Goods Sold?
400
Amortization Expense
What is an expense of bond discounts?
400
Luca Pacioli
Who is the inventor of the double entry accounting system?