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Back To Basics
Accounting Standards
Accounting Concepts
Accounting Terms
Variety/Misc.
100
When cash is increased, it is debited. When cash is decreased, it is credited.
What are the two rules of thumb?
100
Responsible for the development of standards for financial accounting and reporting.
What is FASB (Financial Accounting Standards Board)?
100
A source document is prepared for each transaction.
What is Objective Evidence?
100
A person who examines the records which support the financial records of a business to assure that generally accepted accounting principles (GAAP) are being followed.
What is an auditor?
100
Assets, Liabilities, Owner’s Equity, Revenue, Expenses
What are the 5 divisions of the chart of accounts?
200
Buy now, pay later.
What is Sale on Account?
200
DAILY DOUBLE!!! Responsible for the development of standards to be followed by state and governments.
What is GASB (Governmental Accounting Standards Board)?
200
Financial information is recorded and reported separately from the owner's persona financial information.
What is a business entity?
200
DAILY DOUBLE!!! The principles of right and wrong that guide an individual in making decisions.
What is ethics?
200
Listed in alphabetical order.
What are expenses?
300
DAILY DOUBLE!!! An entry is recorded into the journal with a debit and credit part.
What is double entry?
300
An organization comprised primarily of accounting instructors.
What is AAA (American Accounting Association)?
300
Revenue is recorded at the time goods or services are sold.
What is realization of revenue?
300
DAILY DOUBLE!!! Total shares of ownership in a corporation.
What is capital stock?
300
DAILY DOUBLE!!! Listed by liquidity
What is chart of accounts?
400
Invoice, Sales invoice, Receipt, Memorandum
What is a source document?
400
DAILY DOUBLE!!! Issues regulations that must be followed in the preparation of financial statements and other reports filed.
What is The Securities Exchange Commission (SEC)?
400
DAIL DOUBLE!!! Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
What is Going Concern?
400
An organization with the legal rights of a person and which may be owned by many persons.
What is a corporation?
400
Used only for small expenses
What is Petty Cash?
500
Two accounts are affected. There is an increase or a decrease. There is a debit or a credit.
How do you analyze a transaction?
500
The FASB publishes statements of financial accounting standards and financial accounting concepts.
What is GAAP (Generally Accepted Accounting Principles)?
500
Business transactions are stated in numbers that have common values.
What is unit of measurement?
500
The independent reviewing and issuing of an opinion on the reliability of accounting records.
What is auditing?
500
The increased side of an account.
What is a normal balance?