Show:
The Accounting Cycle
Forms of Business Organization
Accounting Information Systems
Canadian Taxes
Chapters 7 & 8
100
the accounting cycle is this shape
What is a circle?
100
this form of business organization involves at least 2 owners
What is a partnership?
100
if you credit the account Cost of Goods Sold what happens to the account balance?
What is a decrease?
100
currently ontario uses this kind of tax
What is HST?
100
in this kind of transaction a business purchases something but does not yet take ownership of it
What is an order?
200
the last step of the accounting cycle is this
What are closing entries?
200
in a sole proprietorship if the business cant pay its debts this person is legally liable for the business debt.
Who is the owner?
200
what is the book of original entry also known as
What is a journal?
200
this kind of tax used in our text does not have a separate journal line for purchases
What is PST?
200
when creating a new foreign vendor this field cannot be changed after saving the vendor
What is currency type
300
the 1st step of the accounting cycle is this.
What are source documents?
300
in this form of business organization the business is a separate legal entity.
What is a corporation?
300
contains all the accounts of a business with their balances & transaction details
What is the general ledger?
300
this canadian tax that used in our text is offsetable
What is GST?
300
when a customer uses a credit card to pay the business keeps a record of payments to the credit card company as a debit to this type of account
What is an expense?
400
Daily Double! The accounting cycle represents 1 of these.
What is an accounting period?
400
in a corporation this represents income earned for all previous years.
What is retained earnings?
400
contains the names & numbers of all the business accounts
What is the chart of accounts
400
this account is a record of when the government "pays" a busienss for collecting their taxes
What is Sales Tax Compensation?
400
this type of transaction might end up as a journal entry or it might not; its a sale price good for a limited time.
What is a quote?
500
it is assumed that there are this many accounting cycles in the life of a business.
What is an infinite number?
500
Maple Leaf Rags was which type of business organization
What is a corporation?
500
used to verify that all debit balances equal all credit balances
What is the trial balance?
500
input tax credits are recorded in this account
What is GST Paid on Purchases?
500
in our book interac fees were paid how often
What is monthly?