What is the accounting concept applied when revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period?
What is Matching Expenses with Revenue?
100
What are the TWO financial statements prepared from information on the Work Sheet at the end of each fiscal period?
What is an Income Statement and a Balance Sheet?
100
What is the error that is made if two column totals do not balance and the difference between the totals is an amount that appears elsewhere on the work sheet?
What is the omitted amount?
200
What is on the 2nd line of a Work Sheet title?
What is a Form Name?
200
What does Mr. Martin normally tell you when leaving the room to go to the bathroom?
What is Don't fall in?
200
What accounts are extended to the Balance Sheet columns of a Work Sheet?
What are assets, liabilities, and owner's equity accounts?
200
What is the error if the Trial Balance columns on the Work Sheet are not equal and the difference is 1?
What is a addition error?
300
What is on the third line of a Work Sheet title?
What is a Fiscal Period?
300
What are changes on Work Sheet to update general ledger accounts at the end of a fiscal period called?
What are Adjustments?
300
What accounts are extended to the Income Statement columns of a Work Sheet?
What are Expense and Revenue accounts
300
What is the error called if the Balance Sheet columns of the Work Sheet can be divisible by 9?
What is a slide or a transposed number?
400
Where do the the account balances come from to prepare the Trial Balance columns of a Work Sheet?
What is a General Ledger?
400
What is the portion of the asset consumed in order to earn revenue?
What is an expense of the business?
400
What is the difference between the total revenue and total expenses when total revenue is greater called?
What is a Net Income?
400
What is the Work Sheet prepared in if it is done by hand? (pen or pencil)
What is a pencil?
500
What accounting concept is applied when the same accounting procedures are followed in the same way in each accounting period?
What is Consistent Reporting?
500
What two accounts are affected for the Adjusting Entry for the supplies a company uses during a fiscal period?
What are Supplies and Supplies Expenses accounts?
500
What is the difference between total revenue and total expenses when total expenses are greater called?
What is a Net Loss?
500
What is the correct way to fix an error in a permanent record done by hand?
What is draw a line through incorrect amount and write the correct amount?