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Basic Stuff
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Accounting concepts
100
The accounting equation
What is A = L + OE
100
The source document for paying employee income tax and social security and Medicare tax
What is a check?
100
A financial statement that reports a corporation's assets, liabilities, and stockholders' equity on a specific date
What is a Balance Sheet
100
Reporting financial information the same way from one fiscal period to the next is an application of this accounting concept
What is Consistent Reporting
200
The account used to summarize the owner's equity in a business
What is capital?
200
A liability account that summarizes the amounts owed to all vendors
What is Accounts Payable?
200
The total pay due for a pay period before deductions
What is gross pay or gross earnings?
200
A deduction from total earnings of each person legally supported by a taxpayer
What is a withholding allowance?
200
Recording the actual amount paid for merchandise or other items bought is an application of this accounting concept
What is Historical Cost?
300
A transaction that increases accounts receivable and increases owner's equity
What is revenue?
300
A special journal used to record only sales on account
What is a Sales Journal?
300
Employers are required to furnish each employee an annual statement of earnings and withholdings before this date
What is January 31st
300
Liabilities owed for more than a year
What is long term liability?
300
Using a cash register tape as a source document for weekly cash and credit card sales is an application of this accounting concept
What is Objective Evidence
400
The amount paid for rent is recorded as a debit to
What is Rent Expense?
400
The source document for payment of a payroll
What is a check?
400
The period covered by a salary payment
What is a payperiod?
400
A state tax used to pay benefits to unemployed workers
What is state unemployment tax?
400
Using a sales invoice as a source document for recording a sale on account is an application of this accounting concept
What is Objective Evidence
500
A transaction that decreases cash and decreases owner's equity
What is an expense?
500
The price a business pays for goods it purchases to sell
What is cost of merchandise?
500
Computers, sales display cases, furniture, and cash registers are examples of
What is plant assets?
500
An account in a general ledger that summarizes all accounts in a subsidiary ledger
What is a controlling account?
500
A business expecting to make money and continue in business indefinitely is applying the accounting concept
What is Going Concern?