General Accounting
How often must publicly traded companies release their books to the public?
Every Quarter
What is the debited account?
Mr. Bell invoices Mr. Maul for new basketballs
Accounts Receivable - Mr. Maul
If the general journal is organized chronologically, the general ledger is organized by ______
Each account
The term for a market structure where a single company controls the entire market?
Monopoly
What is the chemical symbol for gold?
Au
Accounting Equation
Assets = Liabilities + Owner's Equity
What is the debited account?
Bell's Car Wash pays $300 advertisement bill with check 3.
Ad Expense
What is the primary purpose of a general ledger?
To organize transactions by each account to ultimately compute total balances
Albert Einstein said this was the 8th wonder of the world
Compound Interest
Which river is the longest in the world?
Nile
Generally Accepted Accounting Principles
What is the credited account?
A previous client, Mr. Middleton, pays Bell's Car Wash back the debt for $500, check 3.
Accounts Recievable - Mr. Middleton
Debited
What is the name of the stock market index that includes 30 of the largest publicly traded companies in the U.S.?
Dow Jones
Who painted the "Mona Lisa"?
Who is Leonardo da Vinci?
This document is where companies report their revenue and expenses
Income Statement
What is account is debited?
Bell's Car Wash pays an invoice to TL Graphics in full.
Accounts Payable - TL Graphics
If asset accounts are organized with numbers in the 100's, what are Owner's Equity accounts numbered by?
300's
What does the acronym "SEO" stand for in digital marketing?
Search Engine Optimization
In which year did the Titanic sink?
1912
This document is where businesses report their assets, liabilities, and owner's equity
Balance Sheet
What are the debited accounts and for what amounts?
Bell's Car Wash sells $500 worth of t-shirts for $2,000 cash.
Cash - $2,000
COGS - $500
What is the name of the financial statement that summarizes the balances of all accounts in the general ledger at a specific point in time?
A trial balance
What is the name of the four P's of marketing?
Price, Product, Promotion, Place
Who was Brett Favre's first ever completion to?
Himself