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Accounting

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
what is the purpose of accounting   show
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what is the accounting cycle   show
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asset   show
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example of an asset   show
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show the debts of a business or person  
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example of a liability   show
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show A=L+OE  
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owner's equity   show
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what are the amounts owed to a business by customers (debtors) called   show
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show accounts payable  
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what are drawings   show
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revenue   show
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example of revenue   show
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show costs incurred to generate revenue  
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example of an expense   show
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show 1) income statement 2) balance sheet  
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show lists assets, liabilities, owner's equity as at a specific date (snapshot)  
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income statement   show
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what is a classified trial balance sheet   show
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show current is used up within one year  
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example of a current asset   show
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fixed assets   show
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example of a fixed asset   show
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show paid off within a year  
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show accounts payable  
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long-term liability   show
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example of a long-term liability   show
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what are the five types of accounts   show
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show left side  
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two types of accounts that are debited   show
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show right side  
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show accounts payable and capital  
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show debits=credits for each transaction  
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what is a contra-account   show
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show accumulated depreciation  
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what types of accounts are found on a balance sheet   show
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show revenue and expense (temporary account)  
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show increases  
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drawings increases/decreases owner's equity   show
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expenses increases/decreases owner's equity   show
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show increases  
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net loss increases/decreases owner's equity   show
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show income statement bc you need net income/loss to calculate ending capital  
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show to see if everything balances before creating the statements or to find errors in journal/posting  
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show list of all account names and numbers in the general ledgeress  
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what are the four parts of every journal entry   show
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what is the general journal also know as   show
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what is a compound entry   show
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what is a transposition error   show
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show cash sales slip, cheque received/issued, purchase invoice, sales invoice, bank debit/credit memos  
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cash sales slip   show
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show the business sells something on credit  
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purchase invoice   show
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show increases a company's checking account balance  
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show decreases a company's checking account balance  
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transferring entries from the journal to the ledger is called what   show
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on the balance sheet what order should current assets appear in   show
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show maturity date (when it needs to be paid by)  
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show generally accepted accounting principles  
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show the business always lists assets at the original cost that they had paid for them  
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show the business is considered a separate entity from the owner's personal financial data  
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conservatism principle   show
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show anything of material importance needs to be disclosed in financial statements  
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show expenses for an accounting period must be matched with the revenue that they helped to generate  
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objectivity principle   show
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what does IFRS stand for   show
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show 2011  
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public companies in canada must follow which set(s) of standards   show
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private companies in canada must follow which set(s) of standards   show
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what does ASPE stand for   show
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show adjusting and closing entries  
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show expense payments made in advance, a current asset  
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examples of a prepaid expense   show
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show the allocation of the cost of a fixed asset to the periods in which it is used, fixed asset losing value over time  
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show depreciation expense is the same every year  
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show greater amount of depreciation taken at the beginning of the asset's life  
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show (cost-salvage value)/useful life  
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show (cost-accumulated depreciation) x depreciation rate  
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show original cost-accumulated depreciation  
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show balance sheet  
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show CR  
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accrual basis of accounting   show
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show DR supplies expense CR supplies  
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show DR rent expense CR prepaid expense  
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to record depreciation   show
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what are the four steps to closing   show
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temporary accounts   show
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show drawings, expenses, revenue  
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permanent accounts   show
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example of a permanent account   show
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show chartered professional accountant  
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