General Info
Assets=Liabilities + Owner's Equity
What is the accounting equation?
Bonus: 100
What is the normal balance of sales?
Order of translations posted in a journal
What is chronologically
Bonus: 300
What is the 4 step process for journaling transactions?
Paid cash for rent
What is cash credit and rent expense debit.
Bonus: 300
Cash and Sales account numbers
Information that is included in the heading of a worksheet
What is Business name, Worksheet, for month ended............
Where do you find the information that you will need to complete both the balance sheet and the income statement?
What is worksheet
Cash, supplies, and prepaid insurance
What are assets
The increase side of any account
What is the Normal Balance
Why are expense transactions always debits?
Because they decrease owner's equity.
Bonus: 300
What do checkmarks indicate in the journal?
Do this to record a decrease in an asset for a period of time. For example: Supplies beginning balance $500
Supplies ending balance $300
What is an adjustment
Bonus: 100
What is the adjustment amount that would be recorded in this scenario.
The calculation and interpretation of a financial ratio is referred to as
What is ratio analysis
The formula for calculating personal net worth
What is assets-liabilities=net worth
A business paper from which information is obtained for a journal entry
What is a source document
Bonus:
Give 3 examples of a source document
Paid cash on account
cash credit
accounts payable debit
Accounts that transfer to the balance sheet section of the worksheet
Assets, Liabilities, and OE
Formula for calculating Total Expenses Ratio
What is Expenses/Sales
The normal balance of Accounts Payable
What is credit
Bonus: 200
The owner pays himself cash. What two accounts are affected and are they debited or credited?
The area in a journal that is used for common transactions such as cash and sales credit.
What is special columns
Received cash on account
cash debit
accounts receivable credit
Accounts that transfer to the Income Statement columns of the worksheet
What is Sales and Expenses
The total expense ratio for ABC company is 113% What does this tell you?
Expenses are greater than sales. Company will realize a net loss for the reporting period.
What is the procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current?
The definition of file maintenance?
Bonus(300): What is the COA # for expenses?
Number assigned for the following division:
Assets, Liability, Expense, Owner's Equity, Revenue
What is
Assets (1), Liability (2), Expense(5), Owner's Equity(3), Revenue(4)
Steps in the process of starting a new journal page
What is
Page number, date, brought forward, column totals.
Names of the 4 headings at the top of a worksheet. They must be in the correct order
What is Account Title, Trial Balance, Income Statement, and Balance Sheet
Net Income minus the Drawing Account is recorded on which financial statement?
What is Statement of Owners Equity.
Bonus 200
Name all 5 of the source documents we have learned about so far.