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Accounting 101
A, L & OE
Depreciation
Vocabulary
Miscellaneous
100

What type of account is finance cost?

Other Current Assets

100
These are items owned that have monetary value
What are assets?
100

Fixed Assets minus Depreciation Equals

Net Book Value

100
What is Asset, Liability, Owners Capital
What is permanent accounts?
100
When a business buys a computer with cash, its cash ______, but its computer equipment ________
What decreases and increases?
200

If a client buys a boat where would you code it?

Distribution (Draw)

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

What is the basis?

The price of the asset

200

What are Fringe Benefits

 extra benefit supplementing an employee's salary

200

What Does PFNY Stand For?

Point For Next Year

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

If a client sold a truck (Value 46,003.47, no depreciation) for 21,364.57. What would be your journal entry

Old Truck                                      46,003.47 (C)

Cash                        21,364.57 (D)

Gain or Loss on Sale  24,638.90 (D)

300
When you buy something and agree to pay for it later
What is Credit?
300

When do you not need to file suta and futa

When it is an agriculture and less than 20k in wages a quarter

400

If you are off when working on a bank reconciliation and the amount off is an even number. What could that mean.

That amount was either credited instead of debited or vice versa

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

When selling an asset what do you do with the deprection that has already be taken.

You will reverse Accumulated Depreciation.

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

If the client withdraws 50K (Cash) out of the company what is the journal entry?

Cash                               50,000 (C)

Distribution   50,000 (D)

500

If the client bought a truck for 45,642.17 what would your journal entry be?

Cash                                       45,642.17 (Credit)

Truck (Asset) 45,642.17 (Debit)

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?