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Journal Entries
Miscellaneous
Inventory
Accounts
Statements
100
Debits must always be equal to these.
What are credits?
100
Accumulated depreciation appears on this financial statement.
What is the balance sheet?
100
This expense account is a deduction from sales when calculating gross profit.
What is cost of goods sold?
100
Something you own that has monetary value.
What is an asset?
100
This is the top account on an income statement.
What is sales / revenue?
200
When a sale is made, revenue is debited or credited?
What is credited.
200
The purpose of this document is to ensure debits equal credits.
What is a trial balance?
200
Under this system, inventory is constantly kept up to date.
What is the perpetual system of inventory?
200
This account tracks the value of services you provide or items you sell.
What is revenue?
200
'For the year ended May 31, 2010' could be a title on what kind of financial statement?
What is an income statement.
300
These two subtotals are used in the calculation of the current ratio.
What is current assets and current liabilities?
300
Prepaid supplies, depreciation, accrued salaries are all example of what?
What is adjusting journal entries.
300
In straight-line depreciation, which of the following is multipled by cost? Salvage value, estimate life, or net book value?
What is none of the above?
300
An account that tracks the owner's 'salary' in a sole proprietorship.
What is drawings?
300
A financial statement that present a company's financial position at a certain point in time.
What is a balance sheet.
400

This is normally done to the Allowance for Doubtful Account.

What is a CREDIT?

400

He was the artist behind the famous "Debit & Credit Theory" rap song.

Who is Colin Dodds?

400
This is how inventory is valued.
What is at cost?
400
This tracks customer returns.
What is Sales Returns and Allowances?
400

This account shows up on both the income statement and balance sheet.

What is net income?

500
The allocation of the cost of a fixed asset over a period of time.
What is depreciation?
500

These are a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information.

What is GAAP?

500

This method of valuing inventory refers to accounting for earlier inventory as it is sold.

What is FIFO?

500
Current assets - current liabilities is described by what ratio?
What is working capital?
500

This must be done with all final figures on financial statements.

What is double underline?