Debit or Credit
The action taken when cash is increased
debit
This is when the stock market it trending upwards
What is a Bull Market?
This asset does not depreciate over time
What is land?
This is a cloud version that would help out a small business owner run a small business with the help of his accountant.
What is QuickBooks Online?
The total amount of earnings made over a yearly period after all deductions have been taken out
What is gross yearly income?
If I invest my own personal cash to an account which two accounts are affected and how?
Cash - debit
OE - credit
This is when the market is trending downwards
What is a Bear Market?
This is the estimated value of a plant asset at its replacement time
What is disposal value?
This software is available on the cloud and is used by an accountant to support a mixture of small businesses and self-employed freelancers.
What is QuickBooks Accountant?
This form is filled out by the employee
What is a W4?
Jason owns a surf shop and purchases surf board wax on account for his business. Accounts Payable is _________
Credit
This is the market where IPOs occur. This is the first time stock is issued from the company.
This is the method of equally distributing the depreciation expense over its estimated useful life
What is straight-line depreciation?
Recording a Received Payment transaction _________ accounts receivable and _______ either a bank account or undeposited funds
Decreases, Increases
credits, debits
Date, Debit, Credit, Source Document
What are the steps of a journal?
Cedric owns a real estate business and makes a personal withdrawal from his business. Which two accounts are affected and how?
W/d - Debit
These are debt securities issued by a corporation and sold to investors. It is kind of like a loan with interest.
What is a bond?
The original cost of a plant asset less its accumulated depreciation
What is book value?
The expense transaction is used for all of the following EXCEPT
A. Record cash purchases
B. Record bank w/d
C. Record credit card purchases
D. Record cash received
What is D?
This goes under salary expense
What are employee's gross earnings?
If I increase revenue I am doing what?
credit
When a company takes over another company and clearly establishes itself as the new owner
What is a takeover?
Each of the following is one of the four factors that affect the depreciation estimate except
A. Cost of plant asset B. Est. useful life of asset
C. Depreciation method used D. Location of Asset
What is D?
QuickBooks is easy to use as long as you know how to ________ your information per the accounting rules we learned in class
What is organize?
1996 is the year that this system of electronic payments was created
EFTPS