Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | left (debit)
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| Assets: - on left or right? | show 🗑
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| show | left (debit)
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| Drawing: - on left or right? | show 🗑
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| show | left (debit)
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| Expenses: - on left or right? | show 🗑
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| show | right (credit)
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| Revenue: - on left or right? | show 🗑
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| Capital: + on left or right? | show 🗑
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| Capital: - on left or right? | show 🗑
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| show | right (credit)
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| Liabilities: - on left or right? | show 🗑
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| show | general expenses
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| show | liquidity
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| show | gross profit
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| cash and all other current assets that can be converted into cash quickly | show 🗑
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| cost of plant and equipment less the accumulated depreciation amounts | show 🗑
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| this statement shows a step-by-step calculation of net sales, cost of goods sold, gross profit, operating expenses, income from operations, other revenues and expenses, and net income | show 🗑
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| assets that are expected to be used for more than one year in the operation of a business | show 🗑
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| gross sales less sales returns and allowances and sales discounts | show 🗑
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| the number of times the merchandise inventory turned over, or was sold, during the accounting period | show 🗑
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| show | current ratio
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| show | long-term liabilities
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| show | accounts receivable turnover
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| those obligations that are due within one year or the normal operating cycle of the business, whichever is longer, and will require the use of current asstes | show 🗑
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| cash and all other assets expected to be converted into cash or consumes within one year or the normal operating cycle of the business, whichever is longer | show 🗑
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| show | quick ratio
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| show | post-closing trial balance
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| show | mortgage
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| an account that is used to reflect an obligation that is secured by a mortgage on certain property | show 🗑
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| gross profit minus operating expenses on a multiple-step income statement | show 🗑
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| show | net sales
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| purchases - purchases returns & allowances - purchase discounts | show 🗑
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| beginning inventory + net purchases | show 🗑
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| show | cost of goods sold
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| net sales - cost of goods sold | show 🗑
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| beginning capital + owner's investment + net income - net loss - owner's withdrawals (drawing) | show 🗑
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| show | current assets
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| show | current liabilities
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| land, building, equipment | show 🗑
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| show | long-term liabilities
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| current assets divided by current liabilities | show 🗑
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| show | working capital
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| show | accounts receivable turnover
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| cost of goods sold divided by average inventory | show 🗑
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| 365 days divided by accounts receivable turnover | show 🗑
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| show | age of inventory
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| show | internal control
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| a business form prepared by the seller that lists the items shipped, their cost, the terms of the sale, and the mode of shipment. it may also state the freight charges. | show 🗑
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| show | purchase order
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| a form used to request that the purchasing department buy something. this form is intended for internal use within a company | show 🗑
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| show | merchandise inventory
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| books or original entry in which specialized types of repetitive transactions are recorded (used instead of general journal for specific transactions) | show 🗑
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| show | subsidiary ledger
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| show | income statement
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| show | direct/specific write-off method
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| show | post-closing trial balance
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
leahmurphy
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