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Chapter 1
Chapter 2
Chapter 3
Chapter 4
General
100
CA, CGA, CMA
What are the 3 accounting designations used in Canada?
100
The creditors have first claim.
Who has first claim against assets when a business closes down?
100
...a financial event that causes a change in financial position...
What is a TRANSACTION?
100
....a page designed to record changes in each item affecting financial position..
What is an account?
100
...these accounts normally have a CREDIT balance
What iare Liability and Owner's Equity accounts
200
....buys goods and resells them at a higher price for a profit.
What is a MERCHANDISING BUSINESS?
200
....provides that accounting for a business should be fair and reasonable.
What is the Principle of Conservatism?
200
...an original record of a transaction; provides the accounting dept. with information.
What is a SOURCE DOCUMENT
200
....a group of files or accounts....
What is a ledger?
200
...currently has highest % in this class
Who is Yuuki?
300
Eric Hamber
What is the name of the school Ms. Ireland's younger brother teaches at?
300
.....according to Liquidity
What is the order we list ASSETS on the Balance Sheet?
300
...accounting will be recorded on the basis of objective evidence.
What is the OBJECTIVITY PRINCIPLE?
300
.....on the left
What is a debit?
300
.....when an item is sold on credit we say...
What is "sold on account"
400
Mike
What is Ms. Ireland's oldest brother?
400
Formula or Function
What is the operation typed into the spreadsheet cell to perform calculations?
400
....how you can PROVE the balance of an equation analysis sheet.....
What is THE FUNDAMENTAL ACCOUNTING EQUATION?
400
....the tiny figures that represent the total of one side of a t-account
What is a pin total or pencil footing
400
a Porsche
What is the car you will buy Ms. Ireland when you are a rich accountant?
500
Timothy W. Ireland
What is the name of Ms. Ireland's brother who co-authored our Accounting text.
500
Accounting for a business must be kept separate from the personal affairs of its owner....
What is the BUSINESS ENTITY CONCEPT?
500
....at least 2 items MUST change and sometimes more.
How many items on a Balance Sheet change as a result of a TRANSACTION?
500
....the Double Entry System of Accounting.
The name of the accounting system where, for EACH transaction, all account changes together must BALANCE.
500
...the name of Ms. Ireland's boyfriend in university...
Who was Wilbur?