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financial statement
adjusting/closing entries
posting
accounting vocab
100
what two financial statements are prepared?
What is income statement and balance sheet
100
whats my last name
What is krisher
100
where do you post a group of accounts ?
What is ledger
100
what ia an asset?
What is anything of value that you own
200
what are the 4 sections to a income statement for a service business?
What is heading, revenue, expenses, net income or net loss
200
where do you post a ledger that contains all accounts needed to prepare financial statements?
What is general ledger.
200
what is a liability
What is an amount owned by a business
300
what 3 things make up a proper heading for an income statement?
What is name of company, name of report, date of report
300
when posting, what is the number assigned to an account ?
What is account number
300
what is sale on account ?
What is a sale for which cash will be received at a later date .
400
for a servicee business, the revenue reported on an income statement includes what 2 components?
What is total expenses and net income
400
how many divisions are in the general ledger ?
What is five.
400
what is assets taken out of a business for the owners's personal use?
What is withdrawals.
500
how do you find the net income component percentage?
What is net income/total sales = net income component percentage.
500
Name 3 out of the 5 divisions of the general ledger ?
What is 1 assets, 2 liabilities, 3 owner's equity, 4 revenue, 5 expenses
500
what is a list of accounts used by a business?
What is chart of accounts