Chapter 1
This is the basic Accounting Formula.
What is A = L + OE?
An amount recorded on the right side of a T-Account is called this.
What is a credit?
This is the action of recording transactions in chronological order.
What is journalizing?
This is transferring information from a journal entry to a ledger account.
What is Posting?
This is the time and date of the Accounting Midterm.
What is Thursday January 23rd at 12PM.
This is an exchange of assets, liabilities or owner’s equity.
What is a Transaction?
A business would refer to their ____________ to know what accounts are open and could have change.
What is Chart of Accounts?
This is an invoice used as a source document for recording a sale on account.
What is a memorandum?
This is the final step in the posting procedure that everyone always forgets (Mainly Noah).
What is writing the Post. Ref. column of the journal?
This is the capital of Canada.
What is Ottawa?
This is the Journalization when Supplies are purchased for $300 with cash.
What is a debit of $300 to supplies and a credit of $300 to cash?
The side of the account that gets increased is called this.
What is the Normal Balance?
This is a form describing the goods or services sold, the quantity, the price, and the terms of sale.
What is a invoice?
This term would indicate that you are posting to the GL based on page 8 of the General Journal.
What is G8?
These are the names of the 3 accountants there are in the show "The Office".
Who are Kevin, Angela and Oscar?
This term indicates the purchase was made using credit.
What is on account?
This is the Normal Side of a Revenue account.
What is Credit?
This is the source document when you pay cash for insurance (for example).
What is a check?
This is the post reference number range for the Revenue Account.
What is the 400's?
This scientific phenomenon causes many outcomes, but most commonly associated with the counterclockwise rotation of water surrounding a funnel (like a flushing toilet).
What is the Coriolis effect?
This account is the most utilized revenue account in accounting.
What is Sales?
If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is this.
What is Decreased?
This is the journalization of the following transaction:
Sold services on account to XYZ Company.
What is a debit to Accounts Receivable - XYZ Company and a credit to Sales?
You start with a debit balance of $15000 in your assets account. You then add a debit $2700, a credit of $13000 and another debit of $9500. This is your current balance.
What is $14,200?
This is the greatest classroom technology accounting system of all time.
What is Cengage?