Double-Entry Accounting
It's what Assets equal in the accounting equation
What is Liabilities + Shareholder's Equity?
Purchase credit memos have this normal balance
What is debit?
To an accountant, P&L is this
What is profit & loss?
This is a numbered list of the accounts that comprise a company's general ledger
What is the chart of accounts?
It's the account you debit when you credit AR
What is cash?
This increases the balance of the AR account
What is a debit?
In accounting, ROA is a "return on" these
What are assets?
This is the number that liability accounts begin with, like the PB account
What is 2?
When we sell supplies, we debit this account and credit this account
What are AR and AP?
You do this to an IC account when transferring supply invoices from their customer account
What is debit?
In referring to the shifting of money or paperwork, the accounting term FIFO means this
What is First in, First out?
The G/L MISC INC-PERF DEPOSITS begins with this number
What is 8?
Paying contractors credits this account and debits this account
What are Cash and AP?
This is the normal balance of the PB account
What is credit?
Accelerated & straight-line are the 2 types of this, cost allocation for a major purchase as it wears down
What is depreciation?
Account orientation fees, G/L 43100, are posted to this type of account
What is revenue?
It's the account you are debiting when a customer has a bounced check
What is AR?
The G/L for WC ins lapses is this type of account and therefore has this normal balance
What are liability and credit?
Uncle Sam tells business accountants that to be this, an expense must be ordinary & necessary
What is deductible?
These are both listed on the balance sheet
What are assets and liabilities?