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A Little BS
(Basic Stuff)
Accounting I
Review
General Class
Information
Chapter 10
More Chapter 10
100
Assets = Liabilitires + Owner's Equity
What is the Accounting Equation?
100
Debits must equal Credits!!!
What is the most basic rule for a journal entry?
100
Where is a copy of the class syllabus loaded?
What is your Student Portal?
100
You pay it most times when you buy something (unless it is food or another excluded item)
What is Sales Tax ?
100
Pays the sales tax to the state if you don't collect it from your customer.
What is ?.....You Do Bucko!!
200
Transactions>Journal Entries>Posting>Adjustments>Financial Statements>Closing Entries
What is the Accounting cycle?
200
A work paper used to record account adjustments before preparing the financial statements.
What is the 10 column worksheet?
200
What you can't use when taking a test.
What is your textbook and/or your neighbor?
200
A liability account to hold sales tax until paid to the state.
What is Sales Tax Payable?
200
The total of all of the Accounts Receivable (Customer) Ledgers must equal this account balance.
What is the general ledger account - Accounts Receivable?
300
Income Statement, Statement of Owner's Equity, and Balance Sheet.
What are the 3 basic Financial Statements?
300
Where the first official recording of a financial transaction takes place.
What is the General Journal?
300
Show up, Take notes, Do your homework.
What is an excellent plan for passing this class (and getting your desired grade).
300
A discount allowed for customers who pay their invoice promply before it is due.
What is a Cash Discount?
300
The listing of your customers and how much each one owes you.
What is the Schedule of Accounts Receivable?
400
Records an accounting transaction.
What is a Journal Entry?
400
Journal entries that close the temporary accounts and records profit or loss in the Capital account.
What are closing entries?
400
Is on pages 616 - 619.
What is the Comprehensive Problem?
400
A separate record of each customer's account when they buy on account.
What is an Accounts Receivable (Customer) Ledger?
400
A completed problem at the end of each chapter that gives examples of the chapter material.
What is the Demonstration Problem?
500
A complete set of all the accounts used by a business.
What is the General Ledger?
500
The Post Closing Trial Balance.
What is the final step in the accounting cycle?
500
These items are allowed to be used when taking tests.
What are notes, homework, calculators, and quizzes?
500
The account used to record a customer's return of merchandise.
What is the Sales Return and Allowances Account?
500
The 9th Problem in the A series at the end of chapter 10.
What is on P10-9A?