Accounting Profession
a high-level executive that oversees the accounting tasks and financial reporting procedures of organizations.
What is a Comptroller?
This refers to a common set of accounting rules, standards and procedures issued by the Financial Accounting Standards board
What is GAAP?
This term means that for every journal entry you make in an account, you must make an opposite entry in a different account.
What is double-entry accounting?
This report shows if you are short or over in the cash you keep on hand.
What is the petty cash report?
These types of entries prepare the temporary accounts for the new fiscal period.
What are closing entries?
the principles of right and wrong that guide an individual in making decisions
What are ethics?
The length of time for which a business summarizes its financial information and reports its financial performance
What is a fiscal period?
Original book of entry
What is the General Journal?
This type of financial report shows your revenue and expenses over a specified period of time.
What is the Profit and Loss Statement?
What is I=PRT?
Financial decision of the company are the responsibility of the....
What is CFO or Chief Financial Officer
Determining that the amount of the cash agrees with the balance of the CASH account is called
What is proving cash?
the act of transferring an entry or item from a book of original entry to the proper account in a ledger
What is posting?
This type of financial report shows the Assets, Liabilities and Owner's Equity on a specific date
What is the Balance Sheet?
The expense account used to record uncollectible accounts.
What is the Uncollectible Accounts Expense account?
This person inspects a company's financial records and checks for accuracy and reliability
What is an auditor?
This type of account takes away from Owner's Equity and therefore has a normal debit balance
What is an Expense Account?
This method of depreciation takes the salvage value (what you expect it to be worth at the end of it’s lifespan) and subtracts it from it’s cost. This gives you your amount to be depreciated. Then you would divide that amount by the number of years in the assets useful lifespan
What is straight-line Depreciation?
The financial statement that shows changes in a corporation's ownership for a fiscal period
What is the Statement of Stockholder's Equity?
When collecting Sales Tax from our customers, which account is credited?
What is Sales Tax Payable?
This type of accountant is licensed by a state board of accountancy. To be this type of accountant you must have a degree, pass an exam and complete a specific amount of general accounting experience.
What is a CPA? (Certified Public Accountant)
The 5 journals used for a merchandising business
What is sales journal, purchases journal, cash receipts journal, cash payments journal and general journal?
What is the Accounting Cycle?
This type of financial report shows how cash moves in and out of your business
What is the Statement of Cash Flows?
The three accounts used to journalize a dishonored note AND whether they are debited or credited.
What are notes receivable (credit), interest income (credit) and accounts receivable (debit)?