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Acct I Basics
Accounting Concepts
Transactions
Advanced Accounting
Miscellaneous
100
The basic accounting principle
What is A=L +OE?
100
The concept when a business's financial information is recorded & reported separately from the owner's personal financial information.
What is Business Entity?
100
what happens when cash is paid for supplies.
What is a debit to supplies & a credit to cash?
100
A journal used to record only one kind of transaction.
What is a special journal?
100
Determining that the amount of cash agrees with the balance of the cash account in the accounting records.
What is proving cash?
200
the statement prepared showing Revenue & Expenses for a period of time.
What is an Income Statement?
200
The accounting concept that is applied when business transactions are stated in numbers that have common values.
What is Unit of Measurement?
200
what happens when supplies are bought on account from Supply Depot
What is a debit to supplies, & a credit to accounts payable-Supply Depot?
200
A deduction from total earnings for each personal legally supported by a taxpayer.
What is a withholding allowance?
200
The number you would assign a new account if you highest number of an existing account is 260?
What is 270?
300
a reduction in the list price granted to customers.
What is a trade discount?
300
Objective Evidence
What is the concept when a source document is prepared for each transaction?
300
what happens when you purchase merchandise for cash
What is a debit to Purchases & a credit to Cash?
300
EFT
What is when payroll amounts are transferred electronically from the employer's account directly to the employee's bank account?
300
The type of account that Income Summary is?
What is Owner's Equity?
400
A business paper from which information is obtained for a journal entry.
What is a source document?
400
The concept in which financial statements are prepared with the expectation that a business will remain in operation indefinitely.
What is Going Concern?
400
what happens when you paid cash on account to Gulf Craft Supply $488.04, covering Purchase Invoice No. 88 for $498.00, less 2% discount, $9.96.
What is a debit to Accounts Payable (498), credit to Purchases Discount (9.96), & credit to Cash (488.04)?
400
the 3 sections on an Interim Departmental Statement of Gross Profit
What is Operative Revenue, CMS, & GP on Operations?
400
The procedure for arranging accounts in a general ledger, assigning account numbers, & keeping records current.
What is file maintenance?
500
The definition of posting
What is transferring information from a journal entry to a ledger account?
500
The concept in which revenue is recorded at the time goods or services are sold.
What is Realization of Revenue?
500
the closing entry to record Net Income & close the Income Summary Acct.
What is a debit to Income Summary, & a credit to the Owners' Capital Acct?
500
the 3 factors used to calculate a plant asset's annual depreciation expense.
What is original cost, estimate salvage value, & estimated useful life?
500
The contra account to Purchases.
What is Purchases Discount?