Roles
A person responsible for interpreting financial data
Accountant
Assets = Liabilities & Owner's Equity
Statement that shows what a company owns, owes, and has invested in it by the owner.
Balance Sheet
If money is made, what happens to the Cash account?
Debited
The length of time that is determined to track all transactions before doing the financial statements.
Accounting Period
A person responsible for looking over all the financial statements for a company and giving an opinion on it.
Auditor
Liabilities
Statement that shows the Net Profit or Loss of a company
Income Statement
If money is spent, what happens to the Cash account?
Credited
GAAP
Generally Accepted Accounting Principles
Person who is at the top of the company
CEO
What a company owns
Assets
A list of all accounts with an identifying number
Chart of Accounts
If a customer buys something on credit, what account is credited?
Accounts Receivable
SEC
Securities & Exchange Commission
Person who exposes fraud or wrongdoing in a company
Whistleblower
Money the owner has invested in the company
Owner's Equity
A sheet that shows that the total debit balances in the ledger equal the total credits
Trial Balance
If a company takes out a loan, what account is debited and what account is credited?
Cash is debited and Notes Payable is credited.
Journal entries prepared at the end of an accounting period to transfer balances in order to close out accounts.
Closing Entries
What is it called when there are many people involved in completing a task?
Separation of Duties
Money the owner has made for income and reinvests into the company
Retained Earnings
Order that the Financial Statements are done in
Income Statement, Statement of Retained Earnings, Balance Sheet, The Statement of Cash Flows
What type of account is Prepaid Insurance?
Asset
What company is the reason we have the Sarbanes Oxley Act?
Enron