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Business Activities
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Random Stuff You Should Know :-)
Chap 9-11
100

Petty Cash

Dr Asset

100
Name one purchase of resources a company needs to operate...
Computers, delivery trucks, furniture, buildings, etc. (property, plant, and equipment).
100
When expenses exceed revenues
What is a net loss?
100
The adjusted trial balance is the primary basis of the financial statements. (True or False)
True
100

What type of stock is not longer available for purchase?

Preferred Stock

200

A/P

Liability Cr

200
What are 2 primary sources of outside funds?
1) Borrowing Money (debt financing) 2) Issuing (selling) shares of stock for cash
200
Net income is needed to determine?
The ending balance in retained earnings
200
What is a list of accounts and their balances at a given time called?
Trial Balance
200

What is the name for your own common stock that you buy back?

Treasury Stock

300

Unearned Revenue

Cr Liability
300
All businesses are involved in these 3 types of activities...
1) Financing 2) Investing 3) Operating
300
Net Income Will Result in a Time Period when
Revenues exceed expenses
300
What is an accounting period that is one year long?
Fiscal Year
300

T/F An advantage of a corporation is Governmental Regulations

False

400

Additional Paid in Capital

Either (usually Cr) will accept these answers

 Equity

400
Resources owned by a business are called?
Assets
400
1) Balance Sheet 2) Income Statement 3) Retained Earnings Statement 4) Statement of Cash Flows
What are Four Basic Financial Statements
400
Which side of a (T) chart does is a debit entered into? How many spaces (if any) should you enter a credit?
- Left - 5 spaces to the right
400

List the two types of dividends

Stock 

Cash

500

Cash over or short

Neither and none

500
1) Revenue 2) Inventory 3) Accounts Receivable 4) Expenses 5) Liabilities 6) Net Income 7) Net Loss
What are the 7 operating activities?
500
Liabilities plus Stockholder's Equity equal...
Assets
500
Which of these would have a normal credit balance? A) Gross Profit b) Sales Revenue c) Credit to Inventory d) Balance Sheet
B) Sales Revenue
500
T/F Par value is required to have on a stock certificate?

True - at least for now