Depreciation
This asset is never depreciated.
The normal balance of Retained Earnings.
What is a credit?
In 1973, the Financial Accounting Standards Board was created to establish this set of accounting standards in the U.S. that is still used today.
What is Generally Accepted Accounting Principles (GAAP)?
T/F. The chart of accounts is a listing of the accounts presently having balances in the general ledger.
FALSE. Not all accounts in the chart of accounts have to have balances.
The basic accounting equation.
What is Assets = Liabilities + Equity?
Expense resulting from intangible assets being used up.
What is amortization?
The system of debits and credits is commonly referred to as _____ accounting.
What is double entry?
In 1934, this organization came into existence to certify financial reports by all companies that are publicly traded.
What is the U.S. Securities and Exchange Commission?
This account represents money received by a company in advance of having earned it.
What is Deferred Revenue?
The process of transferring data from the journal to the general ledger.
What is posting?
Expense resulting from natural resource being physically used up.
What is depletion?
In September, a company receives $2000 from a customer. They would credit this account.
What is Service Revenue?
The CPA Exam was established around the U.S. for use in general licensure in this year. (Points if guess is within 10 years)
What is 1917?
This account represents all the depreciation expense charged to an asset since the asset was put into service.
What is Accumulated Depreciation?
This accounting terminology is the only word in the English dictionary to contain three sets of double letters back to back.
What is Bookkeeping?
The most used depreciation method.
What is Straight Line Depreciation?
The normal balance of Accumulated Depreciation.
What is a credit?
He is considered the father of modern day accounting.
Who is Luca Pacioli?
This account represents the amount of accounts receivable which management estimates will not be collectible.
What is Allowance for Doubtful Accounts?
A company’s own stock that it has bought back.
What is Treasury Stock?
T/F Depreciation starts on a machine from the date it is purchased.
FALSE. Depreciation on a machine starts on the day it is put to use.
The normal balance of the Draws account.
What is a debit?
The IASB (International Accounting Standards Board) began establishing International Financial Reporting Standards (IFRS) in the early 2000's. There are seven countries in the world today that do not fully conform to these standards. Name two of them.
What is U.S., China, Nigeria, Egypt, Macao, Guinea-Bissau, and Bolivia?
This account represents an expense that has been incurred but not yet paid.
What is an Accrued Liability?
Walter Diemer, the inventor of this popular product in the late 1800s, was an accountant. (Hint: "How many pieces do you wish?")
What is Bubble Gum?