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Balance Sheet
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Miscellaneous
100
What accts are affected and how when cash is paid for supplies?
What is cash is -, supplies is +
100
A business that performs an activity for a fee?
What is service business
100
Where is the heading located on the balance sheet?
What is at the top or 1st 3 lines
100
The name given to an account?
What is account title
100
What is the accounting equation?
What is Assets = Liabilities + Owner's Equity
200
Buying supplies on account affects which two accts and how?
What is Supplies +, Accts pay +
200
A business owned by one person?
What is proprietorship
200
Business name, report you are preparing, and date
What is the three parts of the heading
200
The amount in an account?
What is account balance
200
What is an example of a service business?
What is hair salon, gas station
300
Paying cash on acct affects which accts and how?
What is cash is -, Accts pay is -
300
Planning, recording, analyzing, and interpreting financial information
What is accounting
300
What are the three major sections of the balance sheet?
What is assets, liabilities, owner's equity
300
A record summarizing all the information pertaining to a single item in the accounting equation
What is account
300
Keeping personal records separate from business records is what acctg concept?
What is business entity
400
When the owner invests cash which accts are affected?
What is Cash + Capital +
400
Anything of value that is owned by the business
What is asset
400
What does a single rule mean?
What is a calculation is taking place
400
Any amount that is owed by a business
What is liability
400
What does a double rule mean on the balance sheet?
What is amounts are equal and are verified as correct
500
What is the rule dealing with + and - for each transaction?
What is same side opposite signs opposite sides same sign
500
The amount remaining after the value of all liabilities is subtracted from the assets
What is owner's equity
500
What does a business use a balance sheet for?
What is help management make good business decisions
500
The account used to summarize the owner's equity of a business?
What is capital
500
The concept that states that the financial statements are prepared with the expectation that the business will remain in operation forever
What is Going Concern