It’s All About the BS Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200...
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It’s All About the BS Other Terms Review Potpourr i $100 $100 $100 $200 $200 $200 $300 $300 $300 $400 $400 $400 $500 To Debit or to Credit… $400 $100 $200 $300 $500 Trans-x Analysis $100 $200 $300 $400 $500 $500 $500
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Transcript of It’s All About the BS Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200...
It’s All About the
BS
Other Terms
Review Potpourri
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$500
To Debit or to Credit…
$400
$100
$200
$300
$500
Trans-x Analysis
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All about the BS - $100
The equation used for the Balance Sheet.
What is Assets = Liabilities + Shareholders’ Equity?
Back to Board
All about the BS - $200
The account used to report currency, bank account balances, and other “near-cash” assets owned by the company.
What is the Cash account?
Back to Board
All about the BS - $300
A balance sheet that separates assets and liabilities into current and long-term categories.
What is a Classified Balance Sheet?
Back to Board
All about the BS - $400
Account representing the amount contributed by the shareholders.
What is Contributed Capital?
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All about the BS - $500
The key factor that differentiates between current and long-term assets and current and long-term liabilities.
What is: current assets or liabilities will be used up or paid within the year?
Back to Board
Trans-x Analysis - $100
The name given to any exchange or event that has a direct economic effect on the assets, liabilities, or shareholders’ equity of a business.
What is a Transaction?
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Trans-x Analysis - $200
The formal name given to the idea that every transaction has at least two effects on the accounting equation; a “give and receive” situation.
What is Duality of Effects?
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Trans-x Analysis - $300
The type of transaction that involves exchanging one promise for another promise. (Ordering supplies and promising to pay later when they are received.)
What is “not a transaction”?
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Trans-x Analysis - $400
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Two equalities that must be maintained when recording journal entries for each and every transaction.
What is debit=credit and A=L+SE?
Trans-x Analysis - $500
The accounting equation effects that arise when a shareholder invests additional money in the company in exchange for a greater ownership share.
What is an increase in Cash (+A) and an increase in Contributed Capital (+SE)?
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To Debit or to Credit - $100
Debit means the ____ side of an account, Credit means the ____ side of an account.
What is left and right?
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To Debit or to Credit - $200
These increase assets (debits or credits).
What are debits?
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To Debit or to Credit - $300
DAILY DOUBLE!!!
To Debit or to Credit - $400
These increase liabilities and shareholders’ equity (debit or credit).
What are credits?
Back to Board
To Debit or to Credit - $500
These are written as the first line of a journal entry.
What are debits?
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Other Terms - $100
A simplified version of a ledger account.
What is a T-Account?
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Other Terms - $200
Summary of all account names used in a company’s accounting system.
What is the Chart of Accounts?
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Other Terms - $300
A verb that describes the act of noting a transaction in the journal.
What is Journalize?
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Other Terms - $400
The requirement that transactions be recorded at their original cost.
What is the Cost Principle?
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Other Terms - $500
The requirement to use the least optimistic measures when the value of an asset or liability is uncertain.
What is Conservatism?
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Review Potpourri - $100
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The type of company for which its ownership is transferred by the sale of shares in a market or “stock exchange”.
What is a public company?
Review Potpourri - $200
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The order in which assets are listed on the Balance Sheet.
What is Liquidity?
Review Potpourri - $300
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The acronyms; ASPE and IFRS.
What are ‘Accounting Standards for Private Enterprise’ and ‘International Financial Reporting Standards’?
Review Potpourri - $400
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The account that represents the company’s total earnings and losses less all dividends occurring since the formation of the corporation.
What is Retained Earnings?
Review Potpourri - $500
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The information conveyed by the lines in a Balance Sheet’s heading.
What is: Who (name of business), What (title of the statement; BS), When (accounting period; at or as of…), and Other (unit of measure).
Daily Double Specify Your Wager!
To Debit or to Credit ---
The difference between a journal and a ledger.
Back to Board
What is “a record of each day’s transactions” as opposed to “a collection of records that summarize the effects of those journal entries”?
