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Business Origin
Transaction Analysis
Transaction Analysis
Journals and Ledger
Others
100
What do we call the type of business own by just one person
Sole Trader
100
Asset = Liability + Capital Everything we own is equal to everything we _____?____
Owe
100
Sold goods on credit to Jim for $500. What is the debit account?
Jim Accounts Receivable (A+)
100
Name the 4 credit Journals in accounting
Sales Journal Sales Return Journal Purchase Journal Purchase Return Journal
100
When your debit entry is equal to your credit entry, it is call _______________?
Double entry
200
What is a Tertiary business and Give an example of Tertiary Business?
Any business that provides service or distribute products to the final customer
200
Define the purpose of the sales journal
To Keep record of all credit sales
200
Owner contribute inventories worth $500 to the business, what will be my Credit account?
Capital
200
On 1 of June, the business has cash $500, Accounts Receivable $300 and equipment $500. What is the name of the journal we should record this in to?
General Journal
200
Name 3 examples of interested parties
Creditors, investors, owners, shareholders, customer, lenders...ect
300
What is the term to describe the kind of economy in the old days where one provides for his own needs and wants?
Subsistence Economy
300
A debit note is issued...
When goods are returned to our suppliers.
300
Bought equipment for $1,000 and pay $500 as deposit. What is the Debit Account?
Equipment Equipment is coming in,its an Asset +
300
When balancing the ledger account, what does bal c/d and bal b/d stands for?
Bal c/d = balance carried down, always on the side with the least amount. The amount needed to make up the other side of the account. Bal b/d = Balance brought down, always on the side with the most amount and is carried into the following period.
300
Beside owe, what is another term to describe Liability?
external Equity/loan
400
Name 3 reasons why people form buisinesses
1. Satisfy needs and want 2. make money 3. develop skill and talents 4. trade
400
In which book of original entry would you enter the following: sales invoice debit note cash sale purchases invoice credit note
sales journal returns outwards journal cash book purchases journal returns inwards journal
400
Jim, a debtor has not paid his debt. The business decide to cancel it out. The business write off Jim's debt equal to $400. what is the Credit account?
Jim (Accounts Receivable-)
400
Name 3 functions of a journal?
1. summarize information, classifying like items 2. cut unnecessary information 3. makes work faster and efficient
400
Describe the difference between Revenue and Expenses?
Revenue are inflow of resources, Expenses are outflow of resources
500
Give me the name of the type of business that it's owner's are called shareholders.
Company
500
What is the extended accounting Equation
Asset + expense = Liability + Revenue + Proprietorship
500
The owner took inventories for his own use. What is the credit account?
Purchase
500
The seventh journal is known as the general journal, what terms or name use to describe the first six journals?
Specialize journals
500
Recording fix asset with the value on the day of purchase is known as _______________? hint: it's one of the accounting concept
Historical Cost