What is the accounting term for a group files of accounts?
The ledger
100
An Accounting entry.
What is a written record for transaction.
100
What is written at the top of the account (T-account)?
The account name.
100
What is a trial balance.
A listing of the account balances in a ledger.
100
What has one foot?
A leg.
200
What does the term "account" mean in reference to the ledger?
The term account means a record that shows the change in each individual item affecting the financial position.
200
A decrease on Owner's Equity is
What is a Debit.
200
What are pin totals or pencil footings?
Pin totals are the total of the debit or credit side of an account, they are written smaller than normal to represent this.
200
How do you count a herd of cows?
With a cow-culator.
200
Whats faster than a speeding bullet?
A jew with a coupon!
300
How can a ledger be prepared?
It can be prepared on cards, loose-leaf paper, or on a computer.
300
For what account does an increase mean "debit"?
What are Assests
300
What side do you write the balance of an asset account when it does NOT have an exceptional balance?
on the left side.
300
Why is it to important to balance the ledger.
To check to see if you ledger is in balance.
300
What goes moo?
Megan
400
What properties does the ledger have that classifies it as a ledger?
It must start with an opening balance and include a T-account for all of the accounts.
400
For what account does a decrease mean "debit"?
What are Liabilities or Owner's Equity.
400
What is an exceptional account balance?
An exceptional account balance is when an account that normally has a credit balance, ends up with a debit balance, or when an account that normally has a debit balance, ends up with a credit balance
400
What does it mean if you complete the procedure for balancing a ledger but the ledger is still not in balance.
Debits do not equal credits.
400
What's pasty, white and smells like s**t?
Zach
500
Why do we use T-accounts in the ledger?
The purpose of T-accounts in a ledger is to simplify the transactions occurring in the said account.
500
What must be true of every correct accounting entry?