Accounting Definitions
What is an asset?
An asset is something you or a business owns that adds financial value or helps you generate it.
What are 3 examples of asset accounts?
Cash
Accounts Receivable
Equipment
Supplies
Building/Land
What Business Class does Mr. G teach!
Entrepreneurship
Trivia Question: On what continent is China located?
Asia
Trivia Question: What type of fish is nemo?
Answer: Clownfish
Be in Balance!
Trivia Question: What is one back-of-house staff job at a restaurant?
Dishwasher or Chef
Someone who works in the front office, answers phone calls, schedules appointments, etc.
Administrative Assistant or Secretary
Trivia Question: Paris is located in what country?
France
Trivia Question: What type of animal is a cross between a beaver and a duck?
Platypus
What is the one account we have talked about so far that represents owner's equity?
Capital
If we buy equipment on account from another company, how does this affect our accounting equation?
+Assets (Equipment)
+Liabilities (Accounts Payable)
When you want to protect something you buy what?
Insurance
Trivia Question: What is the capital of New York State?
Albany
Trivia Question: How many arms does a starfish have?
Five
What is the difference between Revenue and Expenses
Revenue is the money the company makes from sales of a product.
Expenses are what the company pays to make the product/Money spent on business operations.
If the business buys rental equipment to use for the day, what accounts is this affecting in our accounting equation?
-Assets (Cash)
-Owner's Equity (Capital)
Trivia Question: What is a business career that works directly with money?
Answer: Finance
Trivia Question: The islands of Hawaii are located in what ocean?
Pacific
Trivia Question: Which sea animal has tentacles that sting?
Jellyfish
What is the difference between accounts receivable and accounts payable?
Accounts receivable is an asset and represents how much money someone owes us. (Revenue)
Accounts Payable is a liability that shows us how much money we owe to somebody. (Debt)
If the owner of a business takes money out of their business, what would happen to our accounting equation?
-Assets (Cash)
-Owner's Equity (Capital)
What is a business career that involves keeping track of business transactions?
Accounting
Trivia Question: What is our state bird?
Answer: Northern Cardinal
Trivia Question: Which bird can learn to mimic human speech?
Parrots