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Assets
Liabilites
Equity
Financial Statements
Elements of an Accounting System
100
Debiting an asset does this to the account balance.
What is increases it?
100
debiting a liability does this to the account balance.
What is decreases it?
100
this is the definition of equity.
What is the owners share of the business?
100
this is the phrase written before the date on the balance sheet.
What is as at?
100
this is the list of all the accounts in the business & their numbers.
What is the chart of accounts
200
crediting an asset does this to the account balance.
What is decreases it?
200
this account represents the amount of money the business owes vendors.
What is A/P
200
revenue does this to equity.
What is increases it?
200
this financial statement proves the fundamental accounting equation.
What is the balance sheet?
200
this proves that debits = credits.
What is the trial balance?
300
according to the fundamental accounting equation, assets = this.
What is liabilities + equity?
300
according to the fundamental accounting equation liabilities = this.
What is assets - equity
300
expenses do this to equity.
What is decrease it
300
when expenses are greater than revenues you get this total at the end of the income statement.
What is net loss?
300
this is the place where transaction analysis is initially entered into the accounting system. its also called the book of original entry.
What is the journal.
400
the definition of an asset is this.
What is things owned by the business?
400
Daily Double!! when you enter your telephone bill in the general journal what do you credit?
What is A/P
400
when the owner deposits his personal money into the business bank account you do this to capital in the general journal.
What is credit it?
400
the date on the income statement represents one of these.
What is an accounting period?
400
this is where each account & their balances are recorded.
What is the general ledger?
500
this asset account represents how much customers owe the business.
What is A/R
500
for a debit to qualify as a note payable it has to have one of these.
What is a signature?
500
when the owner takes money out of the business for personal expenses this is the account that is debited in the general journal.
What is drawings?
500
Daily Double!! the changes in equity section of a balance sheet shows which 3 adjustments assuming revenues are greater than expenses.
What is + capital, + net income, & - drawings
500
this is the journal where all different kinds of transactions are recorded.
What is the general ledger?