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Accounting 101
A, L & OE
Balance Sheet
Source One
Construction Accounting
100
The financial statement that reports the assets, liabilities, and stockholders' (owners') equity at a specific date.
Balance Sheet
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
Source One has this many partners.
Four
100
An accounting method of work-in-progress evaluation, for recording long-term contracts.
percentage-of-completion
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
A balance sheet is prepared to in order to show this.
What is the financial position of a person or business?
200
Our main services are _____, _____, _____, _____.
Accounting Assurance Business Consulting IT
200
Construction accounting relies a lot on _________ with regards to contracts.
estimates
300
Unearned revenues is this type of account.
Liability
300
This line on the balance sheet refers to money owed by a company.
What is Accounts Payable?
300
A bank loan would be listed under this category on the balance seet.
What is the liabilities section?
300
Year that Source One was founded.
1986
300
This schedule is unique to construction clients and is included in their financial statements.
Job Schedule
400
Current assets - Current liabilities
Working Capital
400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
These are 3 examples of organizations that may be interested in a company's financial position.
What are 1) Labour Unions, 2) Banks and 3) Government?
400
Name 2 of our partners
Larry Regan Suhas Shah Jim Schickner Frank Harper
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
This is another term used on the balance sheet that refers to Owner's Equity.
What is capital?
500
Name our sister company.
Regan Schickner Shah Harper, LLC