Planning, recording, analyzing, and interpreting financial information.
What is accounting?
100
These are items owned that have monetary value
What are assets?
100
These 3 items are found at the very top of the balance sheet.
What are 1) Name of business, 2) Name of the financial statement and 3) Statement date?
100
When total revenue is greater than total expenses
What is net income?
100
Journal entries used to prepare temporary accounts for a new fiscal period
What are closing entries?
200
Right side.
What is debit?
200
The accounting equation.
What is Assets=Liabilities + Owner's Equity?
200
A balance sheet reports a business's financial condition
What is on a specific date?
200
The percentage relationship between one financial statement item and the total that includes that item
What is a component percentage?
200
Keeping your personal financial records separate from your business financial records.
Who is Business Entity?
300
An amount owed by a business.
What is a liability?
300
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
300
Information needed to prepare a balance sheet liabilities section is obtained from a work sheet's Account Title column and
What is the Balance Sheet Credit column?
300
When total expenses are greater than total revenue
What is net loss?
300
Analyze transactions to determine debit and credit parts, journalize, post, prepare work sheet, prepare financial statements, journalize adjusting and closing entries, post, prepare post-closing trial balance
Who is the accounting cycle?
400
Assets = Liabilities + Owner's Equity
What is the accounting equation?
400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
A balance sheet reports financial information on a specific date and includes
What are the assets, liabilities, and Owner's equity?
400
Information to prepare the Income Statement is taken from
What is Account Title columns and the Income Statement section of the work sheet?
400
A group of accounts
What is a ledger?
500
A business owned by one person.
What is a proprietorship?
500
When the owner invests cash in a business, the Owner's capital account is
What is increased by a credit?
500
This is another term used on the balance sheet that refers to Owner's Equity.