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History of Accounting
Accounting 101
Accounting controls
Accounting Cycles
100
Who invented money?
The Greeks - Drachma
100
What do you call a "book" that lists all of the transactions of a particular type
Ledger
100
This principle requires that all expenses be directly associated with the revenue it produces
Matching Principle
100
This cycle manages the process of buying things for the company to use
Procurement Cycle
200
What was first used to manage inventory
Clay blobs or rocks
200
What is the name given to the master listing of all accounts
General Ledger
200
This principle requires that the person responsible for choosing a partner not be allowed to handle the day to day transactions with that partner
Segregation of Duties
200
This operation is conducted at the end of each month to verify that there are no problems within the accounting systems
Trial Balance / Closing
300
When were coins invented
5th Century BC
300
What report lists all Revenue and Expenses for a given period
Income Statement
300
This organization is commissioned with responsbility to verify randomly verify that accounting policies are being followed
Internal Audit
300
The process of writing revenue amounts to the general ledger
Revenue Recognition
400
Who created the first set of books - written in clay tablets - 3700 BC
Sumerians
400
What report proves that all accounts are even and in synch
Balance Sheet
400
This contracted service provides investors with an independent verification of the accuracy of accounting reports
External Auditors
400
What two accounting processes are invoked monthly as part of settlement with interconnect, data and other partners
Accounts Payable/ Accounts Recievable
500
Who invented modern accounting
Luca Pacioli - Italian Monk
500
Double entry accounting makes use of two kinds of entries. What are they?
Debit / Credit
500
The report made once a year to investors and regulators about the accounting condition of the company
Annual Report
500
The accounting process associated with the procurement of major items/equipment
Capital Expenditures / CAPEX