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WorksheetsACT Chap 1-4 Review
Total questions: 25
Worksheet time: 13mins
Anything that you own that has value
asset
liability
owner's equity
Amount owed by a business
asset
liability
owner's equity
Accounting Equation
asset = liabilities - owner's equity
assets + liabilities = owner's equity
assets = owner's equity - liabilities
assets = liabilities + owner's equity
Difference between assets and liabilities
equity
dollars
cents
assets
Principles of right and wrong that guide business decision making
Ethics
Business ethics
GAAP
Generally Accepted Accounting Principles
Generally Accepted Accounting Principals
Generally Acceptable Accounting Principles
Geese Are Actually People
Cash
asset
liability
OE
Accounts Receivable
asset
liability
OE
Accounts Payable
asset
liability
OE
Sales, Expenses, Drawing, Capital
asset
liabilitiy
OE
Used to analyze transactions
T Account
Accounting Equation
Your brain
Court's brain
First part of every journal transaction
Date
Account
Debit
Credit
Source Document
Group of accounts
Ledger
Journal
Debits
Credits
Transferring information from a journal to a ledger
Posting
Journalizing
Posing
Postering
What is the debit: cash received from sales
Cash
Sales
Capital
What is the credit: Sold services on account
cash
sales
accounts receivable
accounts payable
What is the debit: Paid cash on account
Cash
Capital
Accounts Payable
Accounts Receivable
What is the credit: Received cash on account
cash
accounts payable
accounts receivable
What is proof a transaction happened?
Source document
Journal
Posting
Your word
What account is debited: Paid cash for rent?
Cash
Rent
Rent Expense
Expense
What is the debit: Received cash from utilities expense
Cash
Utilities expense
Not possible, sorry
What is your favorite account?
cash
accounts payable
expense
Accounting is to your money as a shoe is to
a sock
your foot
shoelaces
fun
What are the two parts to double entry accounting?
debit, asset
debit, credat
debt, credit
debit, credit
Brief message describing a transaction
memorandam
memorandum
memorundum
memosamdum
