Financial Statements
Debits & Credits
Receivables & Payables
Stocks & Bonds
Potpourri
100

A company's financial position at a point in time.

What is the Balance Sheet?

100

Named after a letter of the alphabet, this tool helps you analyze both sides of an accounting transaction.

What is a T-account? 

100

When collecting sales tax from customers, which account is credited?

What is Sales Tax Payable?

100

Legal fees, promoters' fees, and other costs to start a corporation. 

What are organization expenses?

100

8 step process of analyzing the transaction, journalizing, posting, preparing F/S, etc.

What is the Accounting Cycle?

200
Only shows Revenue and Expenses.

What is the Income Statement?

200

The right side of a T-account?

What is the Credit?

200

The date a note must be repaid.

What is the maturity date? 
200

The right of shareholders to purchase their share of common stock later. 

What is preemptive right?

200

Cash kept on hand for small expenses.

What is petty cash?

300

This F/S organizes assets and liabilities into subgroups.

What is Classified Balance Sheet?

300

The left side of a T-account.

What is the Debit?

300

The two methods for recording uncollectible accounts.

What are allowance method and direct write-off method?

300

Net income not distributed as dividends to stockholders, but kept in stockholder equity.

What is retained earnings?

300

The act tht was passed by the US Congress in reaction to the accounting scandals of public companies is the __________ Act. 

What is Sarbanes-Oxley (SOX)?

400

These journal entries prepare the temporary accounts for the new fiscal period.

What are closing entries?

400

A journal entry must have at least one debit and one credit.

What is double-entry accounting?

400

The formula for calculating interest.

What is I = 

P x R x T?

400

A liability that requires a series of payments to the lender.

What is installment note?

400

The result of revenue being greater than expenses.

What is Net Income? 
500

The last step in the accounting cycle, after the closing entries. 

What is Post-Closing Trial Balance?

500

To record an increase in Service Revenue, you record a __________.

What is a credit?

500

This liability must be recorded when the future event is probable and the amount is reasonably estimated. 

What is a contingent liability?

500

When a bond sells at higher than the market rate.

What is a premium? 

500

DAILY DOUBLE: A list of all acounts used by a business is referred to as this.

What is Chart of Accounts?