Chapters 1-2
The process of planning, recording, analyzing, and interpreting financial information.
What is accounting?
Recording transactions in a journal.
What is journalizing?
An endorsement indicating a new owner of a check.
What is a special endorsement?
The area of accounting that focuses on reporting information to external users.
What is financial accounting?
My football number.
What is 3?
A business owned by one person.
What is a proprietorship?
A business paper from which information is obtained for a journal entry.
What is a source document?
The word written on the front of a check that cannot be processed because the maker has made it invalid.
What is VOID?
What is return on sales (ROS)?
The capital of the Czech Republic.
What is Prague.
The side of the account that is increased.
What is a normal balance?
The recording of debit and credit parts of a transaction.
What is double-entry accounting?
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
What is an electronics funds transfer (EFT)?
Journal entries used to prepare temporary accounts for a new fiscal period.
What are closing entries?
This team won the Super Bowl in 2016. (2016 season, played in 2017)
What is the New England Patriots?
What is a chart of accounts?
A group of accounts.
What is a ledger?
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a work sheet?
A trial balance prepared after the closing entries are posted.
What is a post-closing trial balance?
The actor that plays Brennan Huff's older brother Derek in Step Brothers.
Who is Adam Scott?
A person or business to whom a liability is owed.
What is a creditor?
Determining that the amount of cash agrees with the balance of the cash account in the accounting records.
What is proving cash?
Cash paid for an expense in one fiscal period that is not used until a later period.
What is a prepaid expense?
The equation for calculating Total Expense Ratio.
Taylor Swift's 3rd most popular song.
What is You Belong With Me?