Terminology
Language of business ...
What is ... Accounting
What is ... Assets = Liabilities + Equity
What is ... Assets
Explain the basic format of a journal entry
What is ... date, debits on top, and monetary amount in left corner. Credits on bottom with corresponding monetary amount on the right.
The strict rules that Financial Accounting follows...
What is ... GAAP
What increases by debits in the accounting equation
What is ... Assets
Accounts payable is
What is ... Liabilities
Name the other title for the Matching Principle: a company records it's expenses incurred to generate the revenue reported
What account will be debited:
Professor Stewart pays SI Julie $1,000 on 9/21 with cash.
What is ... Wages payable is debited
Name 1 example of each:
Internal users
external Users
What increases by credits in the accounting equation
What is ... liabilities and equity
List accounts under equity
what is ... common stock, expenses, retained earnings, etc.
True or false: Business entity assumption is "a business is accounted for separately from other businesses, including its owner".
What is ... True
Is this journal entry correct or incorrect:
a company collected $50,000 from an account receivable with cash: cash is debited 50,000 and accounts payable is credited.
Note it should be accounts receivable.
What is a general ledger?
What is ... a record of all accounts used by the company.
Explain t-accounts: The set up and how to balance
What is ... the shape of a t - the debits are left and credits are right. You enter the beginning balance of the account. Then w/the given ending balance you find how to adjust or you find the ending balance by performing the adjustment.
what is ... asset accounts
Name the missing two accounting principles: Measurement, Expense, __________, and ________
If Mr. Whistleblower recently purchased $3000 of stock in the Seagull Newspaper with cash. What is debited and what is credited? (accounts)
what is... debit cash and credit common stock
Name the two important provisions to Dodd-Frank Wall Street Reform & Consumer Protection Act
What is ... Clawback and Whistleblower
Balance:
Abby has $12,000 of assets. Her equity is $9,000. What is her liabilities?
Incurred is often a keyword for ...
what is ... Liabilities
Name all four accounting assumptions:
Mr. Thomas was paid in advance for building a table for Deb. On Mr. Thomas's journal entry, he would have to
What is... debit accounts receivable and credit unearned revenue.