Chapter 1
Name some job opportunities in accounting.
What is financial clerk, bookkeeper, auditor, actuary, forensic account, and certified public accountant.
What is the accounting equation?
What is ALOE.
What accounts are affected, and how, when cash is received from sales?
What is cash and owners equity they both go up.
Is debit the left side or the right side?
What is Journalizing?
What is recording transactions in a journal.
What does an accountant do?
What is plans,records, analyzes, and interprets financial records.
What does it mean if the accounting equation is "in balance"?
What is left side=right side
What must be true of the accounting equation after each transaction is recorded?
What is must be equal on both sides.
What side are liabilities and owners equity on?
What is the right side.
What is a Double-Entry Accounting?
What is a business paper from which information is obtained for a journal entry.
What does a finanical clerk do?
What is do administrative work for banking, insurance, and other companies.
What is liability?
What is an amount owed by a business.
Which asset is normally withdrawn by an owner for personal use?
What is cash.
What is an accounting device used to analyze transactions called?
What is a T- account.
What is a Memorandum?
What is a form on which a brief message is written describing transaction.
What is a Certified Public Accountant?
What is helping people and businesses figure out how much they owe in taxes and preparing their financial records.
What must be done if a transaction increases the left side of the accounting equation?
What is the right side must also be increased.
What transactions decrease owner’s equity?
What is paying cash and rent.
How is each balance changed?
What is that they increase or decrease.
What are the five amount columns in the journal used by Rugcare?
General, Debit, General Credit, Sales Credit, Cash Debit, and Cash Credit
What does a bookkeeper do?
What is someone who keeps track of all the money a company receives and spends.
What side would Ben Furman, Capital go on?
What is the right side or Owner's equity column.
What accounts are affected, and how, when an owner withdraws $200.00 for personal use?
What is cash and owners equity go down.
What is an amount recorded on the right side of a T account?
What is credit.
What is a Calculator Tape?