Accounting Review

Front

What is the Accounting Equation?

Back

Assets = Liabilities + Owner's Equity

Front

What does the acronym GAAP stand for?

Back

Generally Accepted Accounting Principles

Front

Accounting can be defined as:

Back

The process of recording financial transactions pertaining to business

Front

An asset can be defined as

Back

A resource with monetary value that is owned by a business, individual, or country

Front

Which of the companies below committed large scale fraud by using unethical accounting practices? Wintrust Financial, KPMG, Ally Financial, Enron

Back

Enron

Front

Items such as: land, inventory, and equipment can all be classified as what?

Back

Assets

Front

A credit is an entry that increases a liability or decreases an asset.

Back

True

Front

A debit is an entry that decreases a liability or increases an asset

Back

True

Front

On a T-Chart in accounting, debit is always located on which side?

Back

Debits are located on the left side

Front

Wages payable, Interest payable are examples of what?

Back

Liabilities