A principle that requires assets to be recorded at their actual cost
What is Historical Cost Principal
100
A 12 month period for which financial reports are prepared.
What is a Fiscal Year.
100
The amount an item can be sold for under mornal economic conditions
What is Market Value.
100
gnitnuocca
What is Accounting backwards
100
How many cupcakes could our class eat in 10 minutes
What is 12
200
The worksheet columns that show the amounts that will be reported in the _____________ statement.
What is Income Statement columns
200
A principle that requires the matching of revenues earned during an accounting period with the expenses incurred to produce the revenues
What is Matching Principle
200
An amount owed to a business by its customers as a result of the sale of goods or services..its also an asset account
What is Accounts Receivable
200
Assets = Liabilities + Owners Equity
What is the accounting equation.
200
2
What is how many students are going out on extern at the end of this MOD...
300
A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred
What is accrual basis of accounting
300
Journal entries made at the end of an accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party
What is adjusting entries
300
Method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period
What is Modified cash basis
300
Adjusting entries always effect these two things
What are the Income Statement & Balance Sheet
300
7 dimes and 8 nickels.
What is $1.10.
400
A method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid
What is Cash basis of accounting
400
The work sheet columns that show the amounts that will be reported in the balance sheet and the statement of owner’s equity
What is Balance Sheet columns
400
Reports the profitability of business operations for a specific period of time
What is Income Statement
400
This includes all revenue and expense accounts
What is The income statement.
400
August 6th, 2014 (Hint not end of mod answer)
What is the last day BRIAN REYES WILL BE IN OUR CLASS!!!!!!!!! YIPPPEEE!!!! Just kidding
500
A form used to pull together all of the information needed to enter adjusting entries and prepare the financial statements
What is the worksheet
500
The third pair of amount columns on the work sheet. They are used to prove the equality of the debits and credits in the general ledger accounts after making all end-of-period adjustments
What is Adjusted Trial Balance columns
500
This contains a list of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equals the sum of the credits