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Balance Sheet
Income Statement
Debit/Credit
Definitions
Reports
100
Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles.
What is an Asset?
100
Amounts earned by a company such as commission.
What is revenue or income?
100
The normal balance of an asset account.
What is a debit?
100
A listing of the accounts available in the accounting system in which to record entries.
What is the Chart of Accounts?
100
A listing of the balance that all clients owe the agency money.
What is the Aged Outstanding Balances Report?
200
Obligations of a company or organization. Amounts owed to lenders and suppliers
What is a liability?
200
The bottom line of the income statement that shows the difference between the Revenue and the Expenses.
What is net revenue/loss?
200
The normal balance of a liability account.
What is a credit?
200
Assets = Liabilities + Owner's Equity
What is the Accounting Equation?
200
A listing of all the detail that has been posted to every General Ledger Account.
What is the Status of Accounts?
300
The book value of a company equal to the recorded amounts of assets minus the recorded amounts of liabilities.
What is owner's equity?
300
The income statement heading will specify this.
What is a period of time?
300
I paid my phone bill and posted it to my telephone expense account.
What is debit?
300
One of the main financial statements. It reports the assets, liabilities, and owner's equity at a specific point in time, such as December 31.
What is the Balance Sheet?
300
A list of all Payments that have not been applied to any items on an account.
What is the Unapplied Cash Report?
400
The balance sheet heading will specify this time period.
What is a point in time?
400
At the end of the year, net income/loss moves here.
What is the Owner's Equity section of the Balance Sheet?
400
The normal balance of an income account.
What is a credit?
400
This reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement.
What is the Income Statement?
400
A listing breaking down all of the income items and all of the expense items that an agency has incurred/paid during a specific time period.
What is the Income Statement?
500
Agency owned automobiles go in this area of the Balance Sheet.
What is Assets?
500
Agency fee transactions post to this area of the income statement.
What is Income?
500
The normal balance of an expense account.
What is a debit?
500
The 500 year-old accounting system where every transaction is recorded into at least two accounts.
What is Double Entry Accounting?
500
This report displays the general ledger accounts with the debit or credit balance that exists for each.
What is the Trial Balance?