Accounting week 1
Halloween Characters
Transactions
Random Accounting
Misc Halloween
100
Anything of value that is owned
Asset
100
What is the name of the clown in Steven King's "It"?
Pennywise
100
Paid cash for advertising in a professional journal.
DR: Advertising Expense
CR: Cash
100
A record summarizing all the information pertaining to a single item in the accounting equation
an account
100
Pun: What does a panda ghost eat?
Bam-BOO!
200
A business activity that changes assets, liabilities, or owner's equity
What is a "transaction"?
200
The friendliest Ghost
Casper
200
Rendered services on Account
DR: Accounts Receivable
CR: Service Income
200
The amount remaining after the value of all business liabilities is subtracted from the value of all business assets
What is the "owner's equity"?
200
This was the original meaning for dressing up in costumes on Halloween
To scare away spirits
300
The standards and rules that accountants follow while recording and reporting financial activities
What is "GAAP"?
300
Who was the villains in Scream (1) movie? BONUS: Villain's actual names in the movie.
GhostFace. Billy Loomis and Stu Macher
300
Paid cash on account.
DR: Accounts Payable
CR: Cash
300
A business that performs an activity for a fee
What is a "service business"?
300
Movie: Drowning, lake, summer camp
Friday the 13th
400
The account used to summarize the owner's equity in the business
What is the "capital account"?
400
What is Dr. Frankenstein’s first name?
Victor
400
Withdrew cash for personal use.
DR: Drawing
CR: Cash
400
A list of accounts used by a business
Chart of Accounts
400
What kind of food is pumpkin classified as? (Potato is a root vegetable, etc.
Fruit
500
Financial reports that summarize the financial conditions and operations of a business
What are "financial statements"?
500
What is Dracula's real name?
Vlad the Impaler
500
Purchased supplies using cash.
DR: Supplies
CR: Cash
500
Accounting steps
1. ID
2. Analyze Transaction
3. Record in the journal
4. Post to General Ledger
5. Prepare Financial Statements
500
In the movie Beetlejuice, Delia (mother) sang what song? HINT: "day-o... dayyyy-ooooo...
Day light come and me want to go home / Banana boat