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Accounting 101
A, L & OE
Accounting Cycle
Vocabulary
Miscellaneous
100
These are the 5 main activities involved in accounting
What are 1) Gathering financial information, 2) Preparing and collecting records, 3) Summarizing and classifying financial information, 4) Preparing formation reports and summaries and 5) Establishing controls to promote accuracy and honesty among employees?
100
These are items owned that have monetary value
What are assets?
100

The purpose of preparing this type of entries is to ensure that account balances and financial statements are accurate

Adjusting Entries

100
What is Asset, Liability, Owners Capital
What is permanent accounts?
100

This type of tax took effect in Ontario in July 2010 replacing the federal Goods and Services Tax (GST) and the Provincial Sales Tax (PST). 

State the name and percentage.   

Harmonized Sales Tax (HST) 13%

200
This is the purpose of accounting
What is to 1)identify, 2)record and 3)communicate financial information?
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

If you want to see the financial transactions that happened on a specific date in the business, look in the _______ ________

General Journal

200
What is revenue, expenses, owner's withdrawals
What is temporary accounts?
200

________ _________ provides the evidence that a transaction has occurred.

Source documents

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

This type of transaction decreases both an asset account and owner’s equity.

What is a withdrawal (drawings)

300
When you buy something and agree to pay for it later
What is Credit?
300
If a business closes, the claims of these individuals are settled first.
Who are creditors?
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

The _______ __________ maintains the balances of each specific accounts

General Ledger

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

Which accounting principle is the accounting cycle in sync with? Explain the principle.

Time Period Concept - Accounting takes place over specific time periods known as fiscal periods.  The fiscal periods should be of equal length when used to measure the financial progress of the business.


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?