Since the beginning, accountants have calculated and presented their work by hand. These days, accountants typically use this program from accounting.
What is Excel?
100
There are many different ways of becoming an accountant and different styles of the profession. Before one can do so, they must graduate from this.
What is high school?
100
These are a list of items that the owner owns- they have hollar dollar values
What are assets?
100
These persons own the assets of the business- they can be owners, creditors or both!
Who are the persons who provided funds to acquire the assets?
100
GAAP is short for this _________.
What are Generally Accepted Accounting Principles?
200
There are several different types of businesses and organizations. In this one, a business buys raw materials and converts them into a new product to sell.
What is a Manufacturing/Producing Business?
200
One may become an accountant OR and accounting clerk. Accounting clerk is the new name for this.
What are bookkeepers?
200
This equation is used to find the owner's capital, net worth and equity
What is A-L=OE?
200
When a business closes down, the claims of these people are settled first.
Who are the creditors?
200
The GAAPs are established by this professional institute.
What is the Canadian Institute of Chartered Accountants (CICA)
300
How a company is owned can vary. When there is only one owner, the company is called this.
What is a sole proprietorship?
300
Opposed to Accounting Clerks, Accountants use their opinions to assist in making these for the business.
What are business decisions?
300
The balance sheet is prepared to present this_____ ______ of a person, business or other organization.
What is financial position?
300
When a business closes and is not purchased by a buyer, the owner must do this to walk away with any money.
What is sell the assets?
300
In the Business Entity Concept, accountants and owners must keep these two affairs separate when it comes to accounting for the business.
What are business and personal affairs?
400
In the Accounting Cycle, activities done only once a year or fiscal period are explained in the inner ring of the cycle. To contrast, these activities are illustrated on the outer ring.
What are ongoing activities? (Activities done once a month)
400
This type of accountant serves the general public for a fee in the same way as a doctor or lawyer.
What is a public accountant?
400
The total assets on a balance sheet gets double underlined. So does this.
What is the total total liabilities and equity
400
When a business closes, this individual or persons can potentially make a profit.
Who is the owner/owners?
400
The continuing concern concept assumes that business will continue to operate unless stated otherwise. This concept is also known as this______ _______ ______.
What is the going concern concept?
500
These are the three major roles of accountants.
What are financial analysis, problem solving, and communication?
500
There are three different accounting organizations. This organization represents the longest-standing body in the profession.
What is the Canadian Institute of Chartered Accountants (CICA or CAs)?What is
500
This term is used when a customer buys goods with a promise to pay for it later. This opposite term is used when the owner purchases supplies with a promise to pay. IOU's and You Owe Me's.
What is Accounts receivable and Accounts Payable
500
The assets are typically sold for less of their original value when a business closes. When this happens, the liabilities stay the same and the equity does this_______.
What is decrease?
500
This principle states that accounting for a business should be fair and reasonable. No over or understating!