A 12-month period for which financial reports are prepared
What is Fiscal Year
100
to enter an amount on the left side of an account
What is Debit
100
a separate record used to summarize changes in assets, liability, and owner’s equity of a business
What is an Account
100
Asset accounts normally have _______ balances
What is Debit
100
Name of Ms. Macke's daughter
What is Michelle
200
The amount an item can be sold for under normal economic conditions
What is Market Value
200
The work sheet columns that show the amounts that will be reported in the balance sheet and the statement of owner’s equity
What is Balance Sheet column s
200
person who records, sorts, and files accounting information
What is Accounting Clerk
200
At least ______accounts are affected by every transaction.
What is Two (2)
200
What was the president's name in 1975
What is Barack Obama
300
journal entries made at the end of an accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party
What is Adjusting Entries
300
A method of accounting that combines aspects of the cash and accrual methods. It uses the cash basis for recording revenues and most expenses. Exceptions are made when cash is paid for assets with useful lives greater than one accounting period
What is Modified Cash Basis
300
process in which accountants help managers develop a financial plan
What is Budgeting
300
If services for the month total $7,000 in cash and $1,500 on account, the revenue account increases by $__________.
What is $8,500
300
In California you can't take a picture of a man with a wooden leg, why not?
What is because you can't take a picture with a wooden leg, you need a camera...LOL LOL...OH COME ON...
400
The difference between the asset account and its related accumulated depreciation account. The value reflected by the accounting records
What is Book Value
400
used to pull together all of the information needed to enter adjusting entries and prepare the financial statements
What is worksheet
400
Financial document that reports the profitability of business operations for a specific period of time
What is Income Statement
400
Services on account increase a ________ account and increase the ________ account.
ANS: F
What is Accounts Receivable & Revenue
400
There is a rooster sitting on top of a barn, if it lays an egg, which way would it roll?
What is "iT WOULDN'T BECAUSE...ROOSTERS DON'T LAY EGGS" OK, now that was soooo funny!
500
A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred
What is Accural basis of accounting
500
the journal or the first formal accounting record of a transaction
What is Book of Original Entry
500
designs the accounting information system and focuses on analyzing and interpreting information
What is an Accountant
500
Owner's equity includes four types of accounts: Name them.
What is Owner's Capital, Revenues, Expenses, and Owner's Drawing.
500
Date of Ms. Macke's Birthday
What is June 14th.....!!!!! OMG Someone better have gotten this right.