Show:
What's this BS?
(Basic Stuff)
Journal Entries
General Ledger
Chart of Accounts
General Stuff
or
More BS
100
These are Latin terms for Debit and Credit and explain why Debit is abbreviated "Dr." when there is no R in Debit. (Hint...see page 52)
What are Debere and Credere?
100
The number of times the year has to be written on a journal entry page.
What is once?
100
This is when posting (copying) should begin in the accounting process.
What is "after all of the journal entries are written for the period"?
100
This is a list of all the accounts used by a business to record transactions in the general journal.
What is a Chart of Accounts?
100
This is so similar accounts that are added later to the chart of accounts can be grouped close together in the chart.
What is "why are there gaps between the account numbers in the chart"?
200
This happens to the cash account when you debit it (in spite of what happens to your cash when you use your debit card).
What is "it goes up" ?
200
The number of times the day a transaction is recorded has to be written.
What is every time?
200
This is when the balnce in a general ledger account can change from a debit balance to a credit balance (and vice-versa). *****Daily Double*****
What is Never...Never...Never?
200
All, every, any asset account in the chart of accounts will begin with this number.
What is a "1"
200
A journal entry that has more than one debit and/or more than one credit.
What is a compound entry?
300
This answers the question about when a journal entry can have debits that do not equal credits.
What is NEVER?
300
This type of account in a journal entry is always listed last and the name of the account is indented.
What is a credit account?
300
This is how long your instructor (me) has been trying to convince new accounting students that posting isn't hard if you just follow the steps.
What is Forever?
300
This is when the account numbers are put in the posting reference (post. ref.) column on the journal entry page being posted.
What is ***AFTER*** each account is posted to the general ledger.
300
This is what it takes to correctly post journal entries to the general ledger every time.
What is "Just read and follow directions" ?
400
A document that provides information about a business transaction (such as an invoice, timesheet, etc.).
What is a source document?
400
This is when it is ok for the total debits in a journal entry to not be equal to the total credits.
What is Never....Never.....Never?
400
This is where the journal entry page number is put when you are posting journal entries to the general ledger.
What is the Posting Reference (Post. Ref.) column?
400
This is why you enter the account numbers on the journal page when you do. *****Daily Double*****
What is "because your instuctor (me) says so" ? Just kidding..it's to serve as a checking tool to make sure an entry has been posted.
400
This is the step number for entering the debit from a journal entry into the general ledger. *****Daily Double*****
What is step two in the posting process?
500
This is step 3 in the flow of data through the accounting system.
What is Posting journal entries to the General Ledger?
500
This is when it is appropriate to skip a line between completed journal entries. *****Daily Double*****
What is Always?
500
This is where the debits and credits from the journal entries are posted in the general ledger accounts.
What are the debit and credit columns that are to the left of the balance column?
500
Revenue accounts in the chart of accounts always start with this number.
What is a "4"?
500
This is when it is ok to erase information written in a journal entry or posted to the general ledger.
What is Never...Never....Never in the "real world"? (it's ok and encouraged in accounting class).