What are 1) Service businesses, 2) Merchandising businesses, 3) Manufacturing businesses
100
These are items owned that have monetary value. At times they can be liquidated.
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
These are the components on income statement
What are revenue and expenses?
100
District of Columbia
The United States Capital
200
This type of system allows people to produce goods and services they choose.
What is Free Enterprise
200
Economic event that causes either an increase or decrease in assets, liabilities, or owners equity.
What is a Business Transaction
200
A balance sheet is prepared in order to show this.
What is the financial position of a person or business?
200
TR-TE= NI
What is Calculation for Net Income
200
An American technology entrepreneur, visionary and inventor. He was the co-founder, chairman, and chief executive officer of a huge computer company and CEO and largest shareholder of pixar animation company
Who is Steve Jobs
300
These 3 business organizations use accounting.
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
300
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
300
This accounting method is used to determine the financial strength, activity, or debt-paying ability of a business.
What is Ratio Anaylsis
300
The information needed to prepare a financial statement comes from where ?
What is a worksheet
300
Who created the famous painting known as the Mona Lisa
Leonardo da Vinci
400
This type of business buys finished products and resells them to individuals or other businesses.
What is a merchandising business
400
Revenue , expense, and withdrawal accounts are used to collect information for a single accounting period. These accounts are known as
What is Temporary Capital Accounts?
400
These are 3 components on a balance sheet.
What are 1) Assets, 2) Liabilities and 3) Owner's Equity?
400
Total Expenses are Greater than Total Revenue
What is a Net Loss
400
This person's birthday is celebrated by a public holiday on the third Monday in January in the USA.
Who is Martin Luther King Jr.
500
A business organization that is recognized by law to have a life of its own. Requires a charter to start.
What is a Corporation
500
The owners claims to the assets of the business
What is Owners Equity
500
Allows business owners to examine the portion of each sales dollar that represents profit.
What is Return on Sales
500
Revenue and expenses are closing entry accounts.
What are temporary accounts?
500
An American bondwoman who escaped from slavery in the South to become a leading abolitionist before the American Civil War.