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Accounting 101
A= L + OE
Accounting Cycle
Vocabulary
Miscellaneous
100
Money or other property paid out in order to produce profit.
What is investment?
100
These are items owned that have monetary value
What are Assets?
100
Anything of value that a person or business owns and therefore controls.
What is property?
100
A legal right to property.
What is Financial Claim?
100
Who is in charge of Accounting at CRHS?
Who is Mrs. Parriott?
200
Businesses that spend more money than they earn operate at a____?
What is loss?
200
Assets = Liabilities + Owner's Equity
What is the accounting equation?
200
The total amount of money owed to a business.
What is Accounts Receivable?
200
The cost of products or services used to operate a business.
What is expense?
200
Income earned from the sale of goods or services.
What is revenue?
300
The 3 types of business organizations.
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
300
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
300
Cash, Office Equipment, Manufacturing Equipment Buildings
What are Assets
300
Are continuous from one accounting period to the next.
What are permanent accounts?
300
This is what GAAP stands for.
What are generally accepted accounting principles?
400
A person who transforms ideas for products or services into real-world businesses.
Who is a entrepreneur?
400
In double-entry accounting, a debit is an entry on the ___ side of an account.
What is left?
400
Decreases both assets and owner’s equity
What is withdrawal or expenses?
400
An amount of money or an asset the owner takes out of the business
What is withdrawal?
400
The normal balance of an account is always on the side used to record ___.
What is increases ?
500
Making contacts with people to share information and advice.
What is networking?
500
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
500
Identify the accounts affected, Classify the account affected, Determine the amount of increase or decrease for each account affected, Make sure the accounting equation remains in balance
What is analyzing a business transaction
500
The amounts in these accounts are not carried forward from one accounting period to the next
What is temporary accounts?
500
Revenue account is _______ on the credit side. Revenue account is _______ on the debit side
What is increased and decreased