Chapter 1&2
Into to Acct
Chapter 3-4
Chapter 5-6
Chapter 7-9
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Chapter 10&11
An accountant who has met
certain educational and experience
requirements and passes a national
test
What is
a CPA?
Organizations that
operate not to make
an income
What are non profit
organizations?
Nick name for top
public accounting
firms
What is big four?
The three forms of a business
organization
What are sole
proprietorships,
partnerships and
corporations
The three accounting assumptions
What are business
entity, accounting
period and going
concern
The accounting equation
What is
Assets=Liabilities + Owner’s Equity
Buying something on credit means
you will pay for it…
What is later?
Income earned from
the sale of goods or
services
What is revenue?
The normal balance of an asset
What is debit?
The side that credit is
on
What is Right?
Accounts that have zero
balances at the
beginning of the period:
What are temporary
accounts?
The normal balance of
a withdrawal account
What is debit?
Examples of source
documents:
What are invoices,
receipts,
memorandums, etc.
A record of the
transactions of a
business:
What is a journal?
A 12 month period
that does not start on
st
January 1 .
What is a fiscal year?
The process of transferring
information from the journal to
the ledger
What is posting?
Writing 190 as 19 is this type
of error
What is a slide error?
The principle that allows a
business to match revenue to
expenses in a period
What is the matching
principle
Expenses are greater
than revenue
What is net loss?
The financial statements in
order of preparation
What are income
statement, statement of
changes in owner’s
equity, and balance
sheet
The second closing entry
What is debit income
summary and credit
each expense account
The final step of the
accounting cycle
What is post closing
trial balance?
Entry to record bank service fee:
What is debit
miscellaneous expense
and credit cash
Checks that have been written
but not presented to the bank
for payment yet
What are outstanding
checks?
The process of marking a
check that has an error so
that it will not be used:
What is voiding a
check?