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Key Terms
Accounting Concepts
Income Statement
Balance Sheet
Miscellaneous
100
Proof of equality of debits & credits in a general ledger
What is a trial balance?
100
The concept applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely.
What is Going Concern?
100
The heading of an Income Statement
What is business name, income statement, for month ended date?
100
Heading of a Balance Sheet
What is name of business, balance sheet, specific date?
100
The 3 lines of heading for a work sheet
What are the business name, work sheet, for month(or year) ended date?
200
The percentage relationship between one financial statement item & the total that includes that item
What is a component percentage?
200
The concept applied when financial statements contain all information necessary to understand a business's financial condition.
What is Adequate Disclosure?
200
The 4 sections of an income statement
What are a heading, revenue, expenses, & net income/net loss?
200
The 4 sections of a Balance Sheet
What are the heading, assets, liabilities, & owner's equity?
200
Any persons or groups who will be affected by an action
What is a stakeholder?
300
The difference between total revenue & total expenses when total revenue is greater
What is net income?
300
The concept applied when the same accounting procedures are followed in the same way in each accounting period
What is Consistent Reporting?
300
Total Expenses = $1,466 Sales = $3,565 Find the Component Percentage for Total Expenses
What is 41.1%?
300
The 2 headings that are on the right side of the Balance Sheet.
What are Liabilities & Owner's Equity?
300
Trial Balance of Supplies = Debit Balance of $900 Supplies on Hand, Dec. 31st 2016 = $600 Do the adjustment.
What is a Credit to Supplies ($300) AND a Debit to Supplies Expense ($300)?
400
The length of time for which a business summarizes & reports financial information
What is a fiscal period?
400
The concept that's applied when changes in financial information are reported for a specific period of time in the form of financial statements
What is Accounting Period Cycle?
400
Net Income = $2,099 Sales = $3,565 Find the Component Percentage for Net Income.
What is 58.9%?
400
Formula for finding Current Capital if you have a Net Income.
What is Capital Account Balance + Net Income - Drawing Account Balance?
400
When the difference of be divided by 9, the error is most likely what.
What is transposed numbers?
500
The differences between an income statement & balance sheet
What is Income Statement = R & E (Period of Time), AND Balance Sheet = A, L, & OE (Specific Date)?
500
The concept applied when revenue from business activities & expenses associated with earning that revenue are recorded in the same accounting period.
What is Matching Expenses with Revenue?
500
On an income statement, what column shows total expenses?
What is the right column?
500
Formula for Finding Current Capital, if you have a Net Loss.
What is Capital Account Balance - Net Loss - Drawing Account Balance?
500
Component Percentage of Sales
What is 100%?