Triton Transactions Group 2

Transactions 1

100

Which two accounts are affected when you receive cash as an owner investment

Assets (cash) and Owners Equity 

200

How does paying cash affect the accounting equation?

Decrease in Assets

300

How does receiving cash affect the accounting equation?

Increase in asset

400

Which two accounts are affected when you pay cash for supplies?

 Decrease in cash, increase in supplies

500

Paid cash for postage. Which accounts are affected?

Cash and Owners Equity

Accounting Equation

100

What is the Accounting Equation? 

Assets= Liabilities + Owners Equity 

200

Is accounts payable a liability or asset?

Liability

300

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

Owners Equity

400

The amount remaining after the value of owners equity is subtracted from the value of all assets.

 Liabilities

500

If Assets is $10,000 and Liabilities is $3,000, How much is Owners Equity?

$7,000

Transaction Vocabulary

100

What is an asset? 

Any resource owned or controlled by a business or an economic entity that has value 

200

The amount of money that would be returned to a company's shareholders is known as. . . . ?

Owners Equity

300

What is a liability? 

A thing for which someone is responsible, especially a debt or financial obligation

400

What is prepaid insurance

Payments that are made by individuals and businesses to their insurers in advance for insurance services or coverage

500

A detailed record of all the money that a business or a person receives and spends is an _____

Account 

True/False Transactions

100

The accounting equation is most often stated as Assets + Liabilities = Owner's Equity

True 

200

After each transaction, the accounting equation must remain in balance-

True

300

A withdrawal is an expense

False

400

Payments for advertising, equipment repairs, utilities, and rent are liabilities.

True

500

A transaction for the sale of goods or services results in a decrease of owners equity

False

Accounting Vocabulary

100

Planning, recording, analyzing, and interpreting financial information is known as. . . . ?

Accounting 

200

A business owned entirely by one person is called a…?

Proprietorship 

300

A formal written document that describes the nature of a business and how it will operate is known as?

Business Plan

400

The account used to summarize the owners equity in the business is called…?

Capital Account 

500

The standards and rules that accountants follow while recording and reporting financial data is referred to as…?

GAAP