Show:
Debits & Credits
A, L & OE
Financial Statements
GAAP/ Terms
Acct. Terms
100

invested cash into the business. What is the journal entry?

What is debit Cash and credit Owner's Capital?

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

Income earned from the sale of goods or services

What is the Revenue?

200

The business paid a telephone bill?

What is Debit Telephone Expense and credit Cash?
200
A = L + OE
What is the Accounting Equation?
200
The main owner's equity account
What is capital?
200

This private sector group responsible for the creation of GAAP

What is the Financial Accounting Standards Board (FASB)?

200

What are the set of rules to prepare financial reports that is follow by all accountants.

What is GAAP?

300

Received $1,850 for dog boarding services?

What is debit cash and credit dog boarding Revenue?

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

Money to be received later because of the sale of goods or services on credit

What is the Accounts Receivable?

300

The effect on equity when an owner withdraws cash from the business

What is decreases?

400

Billed a client for rental equipment services?

What is Debit Accounts Receivable and credit rental equipment Revenue?

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
The GAAP Principle states that a company should record expenses when they are used to generate revenue
What is the expense recognition principle (Matching Principle)?
400

Creditors claims on assets

What is a liabilities?

500

Purchase on credit equipment from a business.

What is debit equipment and credit Accounts Payable?

500

A record of the transaction of a business.

What is journal?

500

A formal way to prove the ledger is to prepare a ?

What is Trial Balance?

500

an economic event that causes a change either in an increase or decrease in assets, liabilities, owner's equity?

What is a business transaction?

500

When a business transaction occurs, a paper is prepared as evidence of that transaction?

What is source document?