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100
Accounting.......
What is This Class Called?
100
Capital=5600 Liabilities=2500 Assets=?
Assets=8100
100
Ledger accounts
An account is a page specifically designed to record the changes in each individual item affecting the financial position
100
Expanding the ledger
1. Revenue 2. Expenses 3. Drawing
100
How Many Classmates Are In Our Class As Of June 15 2015(Today Maybe) You Got only 5 Seconds To Do This.
16ish may change At Different Day.
200
Transaction
What Is I Pay You $(blank) You Give Me (Blank)?
200
Chair Cost $560 Sold $120 How Much Was Lost.
$440
200
Important features of ledger accounts
Each individual balance sheet item is given its-own specially divided page with the name of each item on top (T-account).
200
3 important things to remember about expenses
1. Represents a decrease in equity 2. Decrease In OE represents a debit entry 3. Therefore, expense account is debited
200
On A Scale 1-10 How Fun Was This Class? 1=Not At All 10=The Best Class Ever
If 1-4 was Said Give Points Once If 5-8 was Said Give Points Twice If 9-10 was Said Give Points 4 Times
300
Assets=50,000 Liabilities=23,854 What's The Capital?
$26,146
300
Mr.Van B.
Who Is Our Teacher?
300
All asset accounts have debit values.
Debit and credit theory.
300
GAAP-The Matching Principle
The Matching Principle states that the expense related to revenue earned must be recorded in the same time period as the revenue it helped earn.
300
How Long Did It Take To Finish Chapter 1?
About 1-5 Days
400
Accounts Payable VS Accounts Receivable
A/P Is A Liabilities, A/R Is An Asset.
400
Source Document
a business paper that is an original record of a transaction. It provides details and evidence of a transaction
400
T-Account
What is Transactions That Go Into Accounts That Look Like T Charts
400
3 important things to remember about drawings.
1. Represents a decrease in equity 2. Decrease In OE represents a debit entry 3. Therefore, drawings account is debited
400
Chartered Professional Accountants
What Is CPA?
500
GAAP
What Is Generaly Accepted Accounting Princaples
500
Accounting entries
recording the transaction based on the source document. Source documents are kept on file as proof of a transaction
500
Trial Balance
is a listing of the account balances in a ledger. It is used to determine whether all the debit balances are equal to all the credit balances.
500
Calculating Equity
Beginning Capital + Net Income/Net Loss - Drawings = Ending Capital
500
Steps 1-9
How Many Steps In The Accounting Cycle?