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Reporting
Costing
Accounts & Accounting Equation
General
Forms of business organizations
100
The balance sheet, the statement of revenues & expenditures, the statement of net assets, and the statement of cash flows.
What are the financial statements?
100

The total variable cost will _______ as more tickets are sold.

What is increase?

100

Cash, inventory, and accounts receivable are examples of ________.

What are current assets?

100

An information system that measures, records, and communicates business information.

What is accounting?

100
A form of business organization where there is only one owner.
What is a sole proprietorship?
200
This statement shows the details of the cash that was received and paid during the period.
What is the statement of cash flows?
200

The variable cost per unit will _______ as more tickets are sold.

What is remain the same?

200

Land, equipment, cars, and buildings are examples of _______.

What are capital assets or long-term assets?

200

A branch of accounting aimed at helping managers make decisions.

What is managerial accounting?

200

A form of business organization where the owners receive shares or stocks in the business.

What is a corporation?

300
This amount from the statement of revenues & expenditures is transferred to the balance sheet.
What is the excess or deficiency?
300

Monthly rent is an example of a __________ cost.

What is fixed cost?

300

Something that has a future benefit.

What is an asset?

300

A list of accounts created by the organizers of the business at the start of business.

What is a chart of accounts

300
My 3 friends and I sign a agreement to open up a new business.
What is a partnership?
400
The financial statement that is prepared first.
What is the statement of revenues & expenditures?
400

Contains elements of both variable and fixed costs.

What is mixed cost

400

Buying something on credit.

What is a liability or what is accounts payable?

400

The team playing the Canadiens on September 17

Who are the New Jersey Devils?

400

I can't be sued personally if I own this business.

What is a corporation?

500

The hospital where I work has to follow these rules when reporting the results of their operations.

What are the Public Sector Accounting (PSA) rules?

500

Ticket price is $55 for a book of 5 tickets. Printing cost is $5 per booklet. Prize (a skidoo) is valued at $14,000 plus $1,000 insurance. Tickets sold 2,000.

The excess amount.....


What is $5,000?

500

Beginning cash balance is $25,000. Beginning salaries payable balance is $4,000. Beginning fund balance is $21,000.

Salaries expense $20,000 during year. Ending salaries payable $0. Ending fund balance is $1,000

The ending cash balance $

What is $1,000

500

It weighs 34.5

What is the Stanley Cup?

500

The biggest problem with a sole proprietorship is_____________.

What is unlimited liability?