The ending number on the statement of owner's equity.
What is ending capital?
100
Assets = Liabilities + Owner's Equity
What is the fundamental accounting equation?
100
The normal balance for a fees income account.
What is a credit?
100
Banks, unions, suppliers, investors, and customers are all these types of users of financial information.
What is outside users of financial information?
100
The correct order of headings one would see on a complete worksheet.
What is trial balance; adjustments; adjusted trial balance; income statement; balance sheet?
200
The beginning number on the statement of owner's equity.
What is beginning capital?
200
Prepaid insurance would be listed under this heading on the balance sheet.
What is Assets?
200
The normal balance for a cash account.
What is debit?
200
Managers, owners, and employees are all these types of users of financial information.
What is internal users of financial information?
200
The amount for Capital would be recorded only under this financial statement heading on a worksheet.
What is under the balance sheet (credit) heading?
300
The ending capital on the statement of owner's equity is transferred to which statement?
What is the balance sheet?
300
This account is what the business owes creditors.
What is accounts payable?
300
The balance on this T-account.
Accounts Receivable
-----------------------
2,000 | 1,000
500 | 2,500
What is $1,000 credit?
300
Cost of equipment - salvage value / estimated length of useful life
What is straight-line depreciation?
300
For the Supplies account, you would record supplies used for the month under this heading on the worksheet (remember to also include debit or credit).
What is under adjustments as a credit?
400
This amount is always subtracted from the beginning capital.
What is a withdrawal or drawing?
400
This account includes what customers owe the business on account or credit.
What is accounts receivable?
400
These two owner's equity accounts have normal balances on the debit side.
What are drawing and expense accounts?
400
Revenue, expense, and drawing accounts are considered this type of accounts and thus are closed out during the closing period.
What is a temporary account?
400
Where you would first record depreciation expense-equipment on a worksheet.
What is under adjustments as a debit?
500
This number is always added to the beginning capital.
What is net income?
500
Equipment less depreciation is considered this.
What is the book value?
500
These accounts follow the opposite T-account rules of the account it's related to.
What are contra asset accounts?
500
Contains the auditor's opinion about the fair presentation of the operating results and financial position of the business. Also confirms that the financial information is prepared using GAAP.
What is the auditor's report?
500
This is the correct order of trial balance sheets.
What is trial balance; adjusted trial balance; post-closing trial balance?