Show:
Income Statement
Balance Sheet
Words and Phrases
Accounting Cycle
Fun Facts
100
Revenue minus expenses equals…
What is a net income or loss?
100
Assets minus liabilities equals...
What is equity?
100
The art of raising, managing, and making money in business is called…
What is finance?
100
The method of accounting that counts income and expenses when they are due to the business is called…
What is accrual accounting?
100
All credit cards must be in this shape.
What is a rectangle? (The ISO 7810 standard defines this!)
200
Bills that the business paid in a particular period are referred to as…
What are expenses?
200
Expenses that are prepaid go on the balance sheet under this category.
What are assets?
200
The chief accountant for the company is called…
Who is the comptroller or controller?
200
The book that all transactions are originally recorded in, in chronological order, is called…
What is the journal?
200
In 2010, the richest person in the world was…
Who is Carlos Slim Helú? (Bill Gates is second by a small amount.)
300
What the business earned from the sale of goods and services in a particular period is referred to as…
What is revenue?
300
Anything that can be converted into cash within one year is referred to as…
What is a current asset?
300
The exercise of recording all the transactions that take place in a business is called…
What is bookkeeping?
300
The final book of entry, with transactions recorded by account and according to whether they are a debit or credit, is called…
What is the ledger?
300
The first banks were…
What are religious temples?
400
The cost of creating a product is called…
What is the cost of goods sold?
400
This measurement shows how quickly a company can convert its assets into cash.
What is liquidity?
400
A formal document prepared in a specific format as outlined by a governing organization is called…
What is a financial statement?
400
A system which records income when it is received and records expenses when they are paid is called…
What is cash accounting?
400
The dollar sign comes from…
What is the abbreviation for the Spanish peso?
500
Rent paid on time would fall under what category in an income statement?
What are expenses?
500
The least liquid current asset is…
What is inventory?
500
The assumption that the business will continue to operate is called…
What is the going-concern principle?
500
An entry that is created at the end of the period to match costs and expenses is called…
What is an adjusting entry?
500
The study of currency and the history of money is called…
What is numismatics?