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Accounting Cards

Accounting Flash Cards

QuestionAnswer
What is unlimited liability? Owner's are personally responsible for the debt of the business. Personal possessions (e.g home) can be sold to pay for debts.
How does an accountant prepare for end of month reporting? An accountant prepares a financial statement, balance sheet and General Journal.
What does DEA categories? Debits
What does LER categories? Credits
How do I know if we used cash? Keywords; cash, paid, paid today, used bank account, withdrew cash.
What is the accounting equation? Assets = Liabilities + Owner's Equity
What is double entry accounting? It's a way to make sure debits = credits.
Who is a sole trader? An individual person running a business. (Small in size)
What is a partnership? 2 - 20 owner's (unlimited liability)
What is a public company? Listed on a public share market. (Large in size)
What is the accounting cycle? Transactions ---> General Journal ---> General Ledger ---> Trial Balance ---> Financial Statements ---> (back to transactions).
Created by: Onkesh
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