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Chapter 1
A, L & OE
Balance Sheet
GAAP
Miscellaneous
100

Who participates in analyzing the Balance sheet?  The accountant or accounting clerk?

What is an accountant?

100
These are items owned that have monetary value
What are assets?
100
These 3 items are found at the very top of the balance sheet (in order).
What are 1) Name of business, 2) Name of the financial statement and 3) Statement date?
100
This is what GAAP stands for
What are generally accepted accounting principles?
100

A balance sheet is often referred to as a...

What is a "selfie" of the business

200

This is when accountants are hired to see if the accounting rules are followed properly

What is auditing

200
A = L + OE
What is the Accounting Equation?
200

The net worth of a business

What is capital?

200

This assumes that the business will continue to exist in the future

What is the Going Concern Principle

200

These people get paid first when a business closes down.

Who are creditors?

300
The 3 different ways a business can be owned

What are 1)sole proprietorships, 2)partnerships and 3)corporations?

300
The amount of liabilities if assets are $2,000 and owner's equity is $500
What is $1,500.
300
A bank loan would be listed under this category on the balance sheet.
What is the liabilities section?
300

This GAAP principle states that accounting for a business needs to be kept separate from the personal affairs of the owner.

What is the Business Entity GAAP

300

How much weight can an ant lift?

50 times its weight

400

Establish controls to minimize the risk of theft

What is accounting?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
Accounts Receivable is classified on the Balance Sheet as
What is an asset?
400

This GAAP states that sometimes it is okay to ignore a GAAP as long as it does result in misleading financial statements

What is the materiality GAAP
400

Which type of blood is the rarest?

What is a AB negative?

500

The three types of accounting designations that used to exist in Ontario?

What is CGA, CMA, CA

500
Account on the balance sheet that represents the amount owed for purchasing supplies on credit
What is Accounts Payable?
500

Assets are recorded in what order

Bank, A/R, Inventory, Supplies  then... Car, Building, Land

500

This GAAP says that transactions should be based on evidence that is free from bias

What is the Objectivity Principle

500

How many hearts does a worm have?

5