Show:
Accounting 101
A, L & OE
Accounting Cycle
Vocabulary
Miscellaneous
100

This keeps track of transactions in chronological order

What is a Journal?

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

These are the 3 categories that make up the Statement of Cash Flows

Operating, Investing, Financing 

100

Assets, Liabilities, Owners Equity are found on this financial form.

What is the Balance Sheet?

100
When a business buys a computer with cash, its cash ______, but its computer equipment ________
What decreases and increases?
200

The principles of right and wrong that guide an individual in making decisions

What is Ethics

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 users of financial statements are

People outside of the organization(stakeholders) 

200

Revenue, expenses, and income are found on this financial form

What is the Income Statement

200
An unearned revenue carries this balance

What is a credit balance? 

300

This means "Left" and this means "Right"

What is Debits and Credits?

300

This line on the balance sheet refers to money owed by a company to be paid within the year

What is Accounts Payable?

300

These are the four accounts that live in Equity

What is Common/Preferred Stock, Additional Paid in Capital, Retained Earnings, Treasury Stock?

300

This term is when a cost is incurred to a company

What is an expense? 
300

This records the business transaction

What is a Journal Entry? 

400
A company has $1,000 in Assets and $400 in Equity. The Liabilities are this.

What is $600

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

The order of the financial statements is

Income Statement, Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows

400
Property or items of value owned by a business
What is assets?
400

These are the two accounts affect by buying supplies on account from Supply Depot. Must name the debit and credit as well.

What a debit to Supplies and a credit to A/P Supply Depot?

500

A sale for which cash will be received at a later date.

What is Accounts Receivable?

500
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
500

It is the cost of direct material that goes into making a product that will be sold.

What is Cost of Goods Sold?

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?