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Definitions
Definitions
Accounting Equation
Transactions
Misc.
100
Planning, recording, analyzing, and interpretion fincial information
What is Accounting
100
The name given to an account
What is account title
100
Assets= 100,000 Liabilities= 25,000 Owner's Equity= ?
What is $75,000
100
Paid Cash for Supplies
What is Decrease cash and increase supplies
100
Paid cash for rent
What is decrease cash and decrease owner's equity
200
A planned process for providing financial information that will be useful to management
What is Accounting system
200
the account used to summarize the owner's equity in a business
What is capital
200
Liabilities= 30,000 Owner's Equity= 70,000 Assets=?
What is 100,000
200
Received cash from owner as an investment
What is Increase cash and increase owner's equity
200
Received cash on account
What is increase cash and decrease accounts receivable
300
Organized summaries of a business's financial activities
What is Accounting records
300
A sale for which cash will be received at a later date
What is sale on account
300
Accounts payable is under what heading of the accounting equation?
What is liabilities
300
Paid cash on account
What is Decrease cash, decrease accounts payable
300
Paid cash to owner for personal use
What is decrease cash and decrease owner's equity
400
A business that performs an activity for a fee
What is service business
400
Assets taken out of a business for the owner's personal use
What is withdrawals
400
Accounts Receivable is under what heading of the accounting equation?
What is Assets
400
Bought supplies on account
What is increase supplies, increase accounts payable
400
Eric starts a new business. He uses his personal car in the business with the expectation that later the business can buy a car. All expenses for operating the car, including gas, oil, tune-ups, and new tires are paid out of business funds. Is this acceptable procedure?
What is No, this is not acceptable accounting procedure. Personal and business expenses should be kept separate. Only car expenses directly connected with business activity should be paid for out of the business fund
500
Financial reports that summarize the financial condition and operations of a business
What is Financial statements
500
A business activity that changes assets, liabilities, or owner's equity
What is transaction
500
Capital is the account name for _______.
What is Owner's Equity
500
Received cash from sales
What is Increase cash and increase owner's equity
500
Tell me the date of the accounting test.
What is Tuesday, September 3rd