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Accounting 101
A, L & OE
Accounting Cycle
Vocabulary
Triumph
100

For every Debit there must be a Credit

What is the first rule of accounting? 

100
These are items owned that have monetary value
What are assets?
100
It is anything of value that a person or business owns and therefore controls
What is property?
100
What is Asset, Liability, Owners Capital
What is permanent accounts?
100

Triumph CCA Acquisition, LLC and Triumph CSR Acquisition, LLC

What are Triumph's two legal subsidiaries? 

200

To 1)identify, 2)record and 3)communicate financial information

What is the purpose of accounting?

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
The business or person selling the item on credit, can be any person/business you owe money to
Who is a creditor?
200
What is revenue, expenses, owner's withdrawals
What is temporary accounts?
200

August XX, 2010

What date was Triumph Higher Education Corporation, LLC created? 

300
These represent the types of business organizations that use accounting.
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
300
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
300
Identify the accounts affected Classify the account affected Determine the amount of increase or decrease for each account affected Make sure the accounting equation remains in balance
What is analyze a business transaction?
300
When you buy something and agree to pay for it later
What is Credit?
300

Goldberg Kohn, Dentons, & Cooley

What are the three legal firms used by Triumph for General Council, Intangibles, and Compliance? 

400

These are 3 professional accounting organizations.

What are Chartered Accountants (CAs), Chartered General Accountants (CGAs) and Certified Management Accountants (CMAs)?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
Decreases both assets and owner’s equity
What is a withdrawal?
400
Property or items of value owned by a business
What is assets?
400
This system is used to analyze and record a transaction
What is a double-entry accounting?
500
This involves testing business records and procedures for accuracy.
What is auditing?
500
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
500
It is a legal right to property
What is a financial claim?
500
Is a list of all accounts used by a business.
What is chart of accounts?
500
Income earned from the sale of goods or services is called?
What is revenue?