Procedures set up to protect company property and equipment and insure reliable accounting reports, promoter efficiency, and encourage adherence to company policies
What are internal controls?
100
These are items owned that have monetary value
What are assets?
100
Federal tax for old age, survivors, and disability insurance.
What is ethics?
100
GAAP stands for.....
What is Generally Accepted Accounting Principles?
100
This assumption assumes the business will continue operation pass the first year.
What is the Going Concern Principle?
200
The area of accounting that serves as the decision making needs of internal users.
What is managerial accounting
200
This account is credited when the owner invest in the business
What is the owner's capital?
200
The owner’s claim on a company’s asset’s
What is equity?
200
All the assets have a ___________ balance
What is a debit balance?
200
The assumption that the life of a company can be divided into time periods
What is the Time Period assumption?
300
When you pay an expense, you record this half of an entry to the cash account.
What is a credit?
300
Assets=Liabilities + Owner's Equity
What is The Accounting Equation?
300
The most liquid asset of all.
What is cash?
300
A list of all accounts in the ledger with their identification numbers
What is the chart of accounts?
300
The principle that prescribes that a company records expenses that generate its revenue.
What is the expense recognition (matching) principle?
400
Law passed by congress that requires public companies to apply both accounting oversight and stringent internal controls
What is Sarbanes Oxley (SOX)
400
To increase a cash account, you have to ____it
What is a debit?
400
When a transaction is recorded in the General Journal it is called a _____________
What is a journal entry?
400
If total debits = total credits, the account balance is _____
What is zero?
400
The principle that states that financial statements are based on actual cost in business transactions
What is the Cost Principle?
500
This account is credited when the owner invest in the business
.
What is owner's capital?
500
Any item or product that a company owes?
What is a liability?
500
An information and measurement system that identifies, records and communicates relevant information.
What is accounting?
500
Assets = Liabilities + Owner’s Equity
What is the accounting equation?
500
The principle that states the revenue is recognized and recorded when earned.