Definitions
A tangible or intangible resource that has economic value OWNED by a person or organization.
What is the basis of all Accounting?
The accounting equation.
Classification Only
The owner invests $1,000 into your business
Assets +$1,000
Owner's Equity +$1,000
What was the first Marvel Movie Released?
Iron Man (2008)
Who won Album of the Year?
Beyonce (Cowboy Carter)
Define Liability
A debt or obligation OWED to another person or organization.
What is the Accounting Equation?
Assets = Liabilities + Owner's Equity
Classification Only
Bought $400 worth of supplies with Cash
Asset +$400
Asset -$400
How many avengers made up the original avengers group (Movie)?
Double points: Can you name them?
Iron Man, Captain America, Hulk, Thor, Black Widow, and Hawkeye
Who won the Record of the Year
Give an example of an account classification:
Asset
Liability
Owner's Equity
Define an Asset:
Define a Liability:
Define Owner's Equity:
Asset: Something you OWN
Liability: Something you OWE
Owner's Equity: Your Company's Value
Classification Only
Bought $5,555 of equipment on account.
Asset +$5,555
Liability +$5,555
In which Marvel movie do we first see Thanos? (Be Specific)
The Avengers (1)
Who won Best New Artist?
Chappell Roan
Give an example of an account:
Cash, AR, Supplies, Equipment
Payables...
Capital
Assets = $$$
Liabilities = $150
Owner's Equity - $300
Assets = $450
Accounts Only
Jonathan Frey invested $10,000 into your business.
Cash +$10,000
J.Frey, Capital +$10,000
What's the Name of Tony Stark's Daughter?
Morgan
Who is the artist based in Utah who was nominated for Best New Artist?
Benson Boone
Define a Sole Proprietorship
A business owned by one person, and the business owner has UNLIMITED LIABILITY; meaning the owner can lose MORE than they invested in the business.
Assets = $1,200
Liabilities = $$$
Owner's Equity = $635
Liabilities = $565
Bought $500 worth of supplies. Paid $100 in cash and the rest on account.
Supplies +$500
Cash -$100
Accounts Payable +$400
In what order does Thanos gather the Infinity stones? (Chronolgical)
1. Power Stone (Purple)
2. Space Stone (Blue)
3. Reality Stone (Red)
4 Soul Stone (Orange)
5. Time Stone (Green)
6. Mind Stone (Yellow)
Who broke the record this year for most Grammy Nominations ever?
Beyonce (99 total nominations)