Procedures, personnel, devices and records used by an organization to develop and communicate accounting information to decision makers.
What is an accounting system?
100
Units of ownership in a corporation
What is capital stock?
100
The portion of stockholders' equity that has accumulated results of profitable operations
What is retained earnings?
100
Journal Entry.
Accounting transactions listed in chronological order.
100
A span of time covered by an income statement.
What is an accounting period?
200
A process designed to provide reasonable assurance that the organization produces reliable financial reports.
What is internal control?
200
A statement of activity that subtracts revenues from expenses.
What is income statement?
200
Unexpired cost appearing on the balance sheet
What is an asset?
200
Debit Supplies account for $1,000.00 and Credit Accounts Payable for $1,000.00.
What is the entry to record the purchase of supplies on account?
200
Recording revenues in the period in which it is earned and recording expenses in the period in which they are incurred.
What is accrual basis of accounting?
300
A business organized as a separate legal entity and chartered by a state.
What is a corporation?
300
Unpaid debt or obligation of a business entity.
What is a liability?
300
A chronological record of debit and credit transactions
What is a journal?
300
Debit Land Account for $25,000.00 and Credit Loan Payable Account for $25,000.00
What is the entry to record the purchase of land with borrowed funds?
300
A two column schedule listing names and the debit or credit balances of all accounts in the ledger.
What is a trial balance?
400
Calls for recording of revenue in the period in which it is earned and recording expenses in the period in which they were incurred.
What is accrual basis of accounting?
400
The excess of assets over liabilities
What is owner's equity?
400
The price of goods and services sold or rendered to customers
What is revenue?
400
Debit Accounts Receivable Account for $5,000.00 and Credit Consulting Services Revenue Account for $5,000.00.
What is the entry to record customer services rendered but not paid for?
400
The widely used principle of accounting for assets at their original cost to the current owner.
What is the cost principle?
500
The generally accepted accounting principle that determines when revenues and expenses should be matched (offset) in the accounting period.
What is the matching principle?
500
A statement that explains operating, investing and financing activities.
What is a statement of cash flows?
500
A separate record for each account on the financial statement
What is a ledger?
500
Debit Cash Account for $5,000.00 and Credit Accounts Receivables for $5,000.00
What is the entry to record customer payment for services previously rendered?
500
Principles that provide the framework for determining what information is to be included in the financial statements and how the information is to be presented.
What is generally accepted accounting principles (GAAP).