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Chapter 1 and 2 Test

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

ROA formula   net income/total assets  
Debt ratio   total debts/total assets  
Income Statement   Date - Cash Flows - Cash + Land + Supplies+ Equipment = Notes Payable + Accts. Payable = Common Stock, Retained Earnings - Revenue - Expenses = Net Income  
Four Financial Statements   1. Income statement 2. Statement of Changes in Owners Equity 3. Balance Sheet 4. Statement of changes in cash flows  
D.E.A.D.   Debits increase EXpenses, Assets, Dividends  
What do credits increase?   Liabilities, Equity, Revenue  
AE   Asset Exchange  
AU   Asset Use  
AS   Asset Source  
OA   Operating Activity  
FA   Financing Activity  
IA   Investing Activity  
T Account   Debits on the L, Credits on the R  
If Assets/Expenses or Dividends go up what else goes up?   Debits  
If Liabilities, Equity or Revenue goes up, what else goes up?   Credits  
Matching Principle   Expenses must equal revenues  
Accounts   Records that are kept for each asset, liability, equity, revenue, expense and dividend component of an entity  
The Journal   the book used to record all transactions  
Journalizing   To write a journal entry  
Journalizing format   Debits first, flush left. Credits second, indented right.  
The General Ledger   A record of all the accounts and their balances.  
Trial Balance   Trying out it your debits and credits are correct.  


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Created by: ArtemisDC