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Accounting 101
A, L, OE
Balance Sheet
Income Statement
Accounting Cycle
100

What is the system of recording and summarizing financial transactions?

What is Accounting?

100

The current balance of all money owed to a company for goods and/or services it sold to its customers, but that haven’t yet been paid for by its customers.

What is Accounts Receivable?

100
These 3 items are found at the very top of the balance sheet.
What are 1) Name of business, 2) Name of the financial statement and 3) Statement date?
100

a financial report detailing a company’s income and expenses over a reporting period

What is the Income Statement ?

100

What’s the first step in the accounting cycle?

What is identifying and analyzing transactions?

200

An entry on the left side of an account, usually meaning an increase to assets or expenses.

What is a debit?

200
These are the 2 ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
200
A balance sheet is prepared to in order to show this.
What is the financial position of a person or business?
200
This is Net Income (loss)
What is revenue minus expenses?
200

What document is prepared after the ledger and before adjustments?

What is a Trial Balance?

300

A list of all account titles and account numbers used in a ledger.

What is the liabilities?

300
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
300

Why must the accounting equation stay balanced?

Because every transaction affects at least two accounts, maintaining balance

300

This is considered the normal balance of revenue

What is credit?

300

What’s the purpose of the journal?

What is to record the transaction in chronological order?

400

A multi-step process of identifying, analyzing, recording, and processing a company’s financial transactions over an accounting period.

What is the Accounting Cycle?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400

These are 2 components on a income statement.

What are revenue and expenses?

400

A cost incurred to provide products and services to customers and operate a business.

What is an expense?

400

this is the final step of the Accounting Cycle

What is preparing a post-closing trial balance?

500

What is the accounting method where transactions are recorded when they are earned or incurred, not when cash is exchanged?

What is Accrual-Based Accounting?

500
What is the expanded accounting equation?
What is assets = liabilities + beg. cap+ contr cap+revenue-expenses-cap distr
500
This is another term used on the balance sheet that refers to Owner's Equity.
What is capital?
500

Revenue and expenses are closing entry accounts.

What are temporary accounts?

500

The function of accounting that helps an organization make well-informed decisions through the measurement, analysis, and communication of accounting information.

What is Managerial Accounting?