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Accounting IReview For Fall Final
Know Account Classification
Classification
Asset
Liability
Capital/Drawing
Sales
Expenses
Acct. No.
_
_
_
_
_
Acct. No.
Normal Balance
Debit or Credit
_
_
_
_
_
How are accounts numbered? Provide Sequence and example
________________
The recording of debit and credit parts of a transaction is known as:
Matching revenues to expenses
Closing the books
Objective evidence
Double entry accounting
List Accounting Concepts GAAP (10)Provide brief Explanation (slide 1)
1
2
3
4
5
Accounting Concepts (2nd slide) Brief statement explaining
6
7
8
9
10
List 5 source document
1.
2.
3.
4.
5.
What is a list of accounts used by a business?
__
The form that is used to help plan adjustments and sort financial info before publishing financial statements.
Chart of accounts
Balance sheet
Income statement
Worksheet
Net Income or Net LossColumn Placement Which columns
If ____________ is larger than expenses, result is a _______________. Tell the two columns including debit and credit
______________ and _____________
If ____________ is larger than income, result is a _________________ Tell the two column including and credit
What transaction is used when preparing for Petty Cash
Establish
Debit __________; Credit _________
Replenish: Having spent for Supplies; Postage; and Repair Expense
Debit ________,_________, ____________ Credit ____________
What is the Accounting Equation?
_________________ = ________________ ( ) _______________
Name 3 kinds of check endorsements?
1
2
3
Under which way can you transfer money?
1.
Identify the side of the account?Place accounts to normal-increase sideAssets, Liabilities, Capital, Sales, Expenses
Left side Right side
Who was the father of Accounting?
Michelangelo
Luca Pacioli
Mario Luigi
The Godfather
Adjustments are made to adjust the value and record the expense for what 2 accounts?
Provide the 2 pairs of accounts.
1. Debit _________
Credit ________
2. Debit _________
Credit _______
Correct an Entry: $100 amount was posted in error to Misc. Exp. It should have been posted to Advertising Expense.
New Debit
New Credit
Define Proving Cash
What 2 books are reviewed?
When a business buys on account, what happens to the liability?
Increase
Decrease
Entry to record investment of owner
Debit
Credit
Expense accounts are listed in what order
Alphabetic
Chronological
Value in account
Net Income Percentage (search)
Net Income divided by net sales
Net sales divided by total expense
Net sales minus total expenses
Net sales divided by net income
Definition: What is an Accounting System?
Answer:
Money invested in a business
Loan
Profit
Loss
Capital
