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Category Dr.Cr.
Business Activities
Communicating with Users
Random Stuff You Should Know :-)
Chap 9-11
100

Petty Cash

Asset Dr
100

What a company owns

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

Who owns a corporation?

Shareholders

200

Unearned Revenue

Liability Cr

200

One way to get cash in the door

1) Borrowing Money (debt financing) 2) Issuing (selling) shares of stock for cash 3) sell product or service 4) sell bonds

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

Why is management both an advantage and disadvantage?

It is an advantage because you don't personally have to manage the company and a disadvantage since you as a shareholder would have little control

300

APIC

Equity Cr

300

Name of the financial statement we don't complete in ACC205 but you will in ACC206

Cash Flow

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

Name the 3 stocks we studied

Common

Preferred

Treasury

400

ALLOWANCE FOR DOUBTFUL ACCTS

Asset Cr

400

What type of business is own by one person

Sole Proprietor

400

What statement is the accounting equations

Balance Sheet

400

What dictates how we record our accounting transactions

Accrual Accounting

400

Does Treasury stock have a positive value Yes/No

No - it is a Dr in an equity account, reduces equity

500

Cash Over or Short

None and Neither

500

Name of the account we use when we pay more for a business than we receive in net assets

Goodwill

500

What state are most corporations started 

Delaware

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

What is the name of the annual report as dictated by the IRA and SEC

10-K