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Chapter 1 - Basics (AND ETHICS)
Chapter 2 - Debit vs. Credit
Chapter 3 - Journalizing
Chapter 4 - General Ledger
Chapter 6 - Work Sheet
100
Assets = Liabilities + Owner's Equity
What is the Accounting equation?
100
The first question when analyzing a transaction.
Which accounts are affected?
100
This is the source document used for cash received.
What is a receipt?
100
A group of accounts.
What is a ledger?
100
The length of time for which a business summarizes its financial information and reports its financial performance.
What is a fiscal period?
200
The difference between assets and liabilities.
What is equity?
200
______ = left and ________ = right
What is debit; credit
200
This is the source document used for buying supplies on account.
What is a memo/memorandum?
200
This is the number of digits in an account number.
What is 3?
200
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a work sheet?
300
The study of right and wrong and how people choose what is morally good and bad.
What is ethics?
300
The third question when analyzing a transaction.
How is each classification changed?
300
TRUE OR FALSE - When journalizing, it is DATE -> DEBIT -> CREDIT -> SOURCE DOCUMENT.
What is true?
300
To _____ __ _____, you must write the account title and number on the heading of an account?
What is: open an account?
300
A proof of the equality of debits and credits in a general ledger.
What is a trial balance?
400
AICPA
What is the American Institute of Certified Public Accountants?
400
The fourth question when analyzing a transaction.
How is each amount entered in the accounts?
400
This part of journalizing transactions is NOT written on every transaction, only the first one.
What is the month?
400
Determining that the amount of cash agrees with the balance of the cash account in the accounting records.
What is proving cash?
400
Change recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
What are adjustments?
500
Bob suggests an action that will ultimately benefit him monetarily. He is violating this key accounting principle.
What is Independence?
500
TRUE OR FALSE - The accounts with a normal debit balance include: Drawing, Capital, Supplies, Prepaid Insurance, Cash, all expenses
What is false?
500
TRUE OR FALSE - It is possible to correct an error for an entry that was posted 2 weeks ago.
What is true?
500
This is used to show all the accounts a company uses.
What is a chart of accounts?
500
TRUE OR FALSE - These are income statement accounts: Sales, Drawing, Expenses
What is false?