Accounting I
Review For Fall Final
Know Account Classification
Classification
Acct. No.
No.
Normal Balance
Debit or Credit

Asset

_

_

Liability

_

_

Capital/Drawing

_

_

Sales

_

_

Expenses

_

_
How are accounts numbered? Provide
Sequence and example

________________
The recording of debit and credit parts
of a transaction is known as:

Matching revenues to expenses

Closing the books

Objective evidence

Double entry accounting
List Accounting Concepts GAAP (10)
Provide brief Explanation (slide 1)

1

2

3

4

5
Accounting Concepts (2nd slide) Brief
statement explaining

6

7

8

9

10
List 5 source document

1.

2.

3.

4.

5.
What is a list of accounts used by a
business?

__
The form that is used to help plan adjustments and
sort financial info before publishing financial
statements.

Chart of accounts

Balance sheet

Income statement

Worksheet
Net Income or Net Loss
Column Placement Which columns

If ____________ is larger than expenses, result is a _______________.

Tell the two columns including debit and credit
______________ and _____________

If ____________ is larger than income, result is a _________________

Tell the two column including and credit
What transaction is used when preparing
for Petty Cash

Establish


Debit __________; Credit _________
Replenish: Having spent for Supplies; Postage; and Repair Expense

Debit ________,_________, ____________
Credit ____________
What is the Accounting Equation?

_________________
=
________________ (
) _______________
Name 3 kinds of check endorsements?

1

2

3

Under which way can you transfer money?

1.
Identify the side of the account?
Place accounts to normal-increase side
Assets, Liabilities, Capital, Sales, Expenses

Left side

Right side
Who was the father of Accounting?

Michelangelo

Luca Pacioli

Mario Luigi

The Godfather
Adjustments are made to adjust the value and record the
expense for what 2 accounts?
Provide the 2 pairs of accounts.
1.
Debit _________
Credit ________
2.
Debit _________
Credit _______
Correct an Entry: $100 amount was posted in error to
Misc. Exp. It should have been posted to Advertising
Expense.

New Debit

New Credit
Define Proving Cash

What 2 books are reviewed?
When a business buys on account, what
happens to the liability?

Increase

Decrease
Entry to record investment of owner

Debit

Credit
Expense accounts are listed in what
order

Alphabetic

Chronological

Value in account
Net Income Percentage (search)

Net Income divided by net sales

Net sales divided by total expense

Net sales minus total expenses

Net sales divided by net income
Definition: What is an Accounting
System?

Answer:
Money invested in a business

Loan

Profit

Loss

Capital