|
Structure
Interesting Questions, Facts and Information
- There are a total of 140 general entries. We are selecting 30 for display.
Frequently Asked Questions & Answers
- There are 3 user-asked question matches ( goto )
Special Topics
|
 Interesting Questions, Facts, and Information
 Accounting
| Would rent and rates paid be debited or credited in a trial balance ledger? | Basic Accounting 4 (litacanrena) |
Debited. Rent and rates would be debited. Only if it was rent received would it be credited.
| Who writes instructions that directs a computer's action? | Accounting Information Systems (Trevor1968) |
programmer. The systems analyst designs the computer system, the programmer writes the programs that directs the computer's actions, and the computer operator runs the computer.
| Who designs a computer system? | Accounting Information Systems (Trevor1968) |
systems analyst. Systems analysts are the personnel who designs the computer systems.
| Which part of the G.A.A.P. is "the assumption that economic events can be identified with a particular unit of accountability"? | Accounting 101 - Bookkeeping (LadyCaitriona) |
Economic entity assumption. Basically, the economic entity assumption states that a corporation exists as a separate entity from its owner(s) or shareholders.
| Which kind of accountant would you go to to have prepare your income tax documentation, public or private? | Accounting 101 - Bookkeeping (LadyCaitriona) |
public. A public accountant opens his business to the public, whereas a private accountant works for a private company.
| Which is the most important feature of bookkeeping? | Basic Accounting 1 (litacanrena) |
Recording transactions. Bookkeeping is the journalizing or recording of transactions and other events within a business.
| Which GAAP states that the same amount of time must be used for each accounting period? | General Accounting Knowledge (blink_angel_182) |
Time Period Principle. Accounting statements can be made on period of time such as monthly, annually, semi-annually etc. Every time a statement is made it should be made on the same duration of time each time to follow the time period principle.
| Which form of accounting states that transactions are to be recorded in the period that they occur? | Accounting 101 - Bookkeeping (LadyCaitriona) |
Accrual basis of accounting. The other form is the cash basis of accounting, where revenue is recorded only when cash is received, and expenses are recorded only when cash is paid.
| Where would a debit posted to accounts payable in the general ledger come from? | Accounting Information Systems (Trevor1968) |
cash disbursements journal. The normal posting sources for accounts payable in the general ledger are the cash disbursements journal for cash payments that reduce the Accounts Payable balance and the purchases journal for inventory purchases which increase the accounts payable balance. The entry from the cash disbursements journal would be a debit to Accounts Payable. (Note: a debit or credit memo entry from the general journal might also be posted to accounts payable. )
| Where are amounts owed by customers for credit purchases found? | Accounting Information Systems (Trevor1968) |
accounts receivable subsidiary ledger. Amounts owed to the business by its customers for merchandise purchased on account are accounts receivables of the business. Details of customers' accounts receivables are maintained in the accounts receivable subsidiary ledger.
| When you have yet to bill a customer for services rendered and have not received the money in the same financial period that the service was performed, then the transaction is recorded as a(n) ________ (assume accrual basis of accounting)? | Accounting 101 - Bookkeeping (LadyCaitriona) |
accrued revenue. In the cash basis of accounting, the transaction would not be recorded until the next period, when the cash is received.
| When we talk about accounting, what kind of job do we mean? | Accounting 101 - Bookkeeping (LadyCaitriona) |
All of bookkeeping, auditing, consulting, and more. (Bookkeeping and auditing., Bookkeeping and consulting., Bookkeeping only.). Bookkeeping is only a very small part of the accounting process.
| What term is used for day-to-day dealings that involve the exchange of goods and services for cash? | Basic Accounting 1 (litacanrena) |
Business Transactions. All transactions affect the accounting equation. Some transactions are internal and do not involve any outside parties.
| What kind of balance sheet makes distinctions between current and capital assets? | Accounting 101 - Bookkeeping (LadyCaitriona) |
| What is the PROPER entry to make in January for the above transaction? | Generally Accepted Accounting Principles (Akhnaten) |
Debit Cash for $240,000, Credit Revenue for $10,000, Credit Deferred Revenue for $230,000. The correct method for booking this sponsorship is to record the full $240,000 cash in January as received, book 1/24 as revenue in January, and place the other 23/24 on the balance sheet as deferred revenue to be recognized when the services are provided.
| What is the normal balance for an expense account? | Accounting 101 - Bookkeeping (LadyCaitriona) |
Debit. Expenses decrease the owner's capital.
| What is the initial investment by an owner of a sole trader (sole proprietorship) or partnership business called? | Basic Accounting 1 (litacanrena) |
Capital. Capital can be in the form of machines, cash or goods.
| What is the cash basis of accounting? | General Accounting Knowledge (blink_angel_182) |
Revenue and expenses are recognized as cash comes in or goes out.. The cash basis of accounting is rarely used, however when it is used, it is recorded on an income statement when the owner of a company physically receives a payment for their goods or services or sends out a check for an expense they incurred.
| What is the amount earned from the sale of goods and services called? | General Accounting Knowledge (blink_angel_182) |
Revenue. When a company does a service or sells something revenue is recorded on an income statement and raises the overall equity of the owner.
| What is the activity sequence of the basic information processing model? | Accounting Information Systems (Trevor1968) |
collect data, organize and process data, and communicate information. Information processing is collecting data such as invoice or a canceled check; organizing and processing the data through transaction analysis, journalizing, posting and preparing the worksheet; and communicating the information to users through the financial statements.
| What is opportunity cost? | Basic Accounting 2 (litacanrena) |
The next best foregone alternative. It means you have to lose something to gain another. What is lost is the opportunity cost. This is because we have unlimited wants and limited resources.
| What is it called when your expenses are greater than your revenues on an income statement? | General Accounting Knowledge (blink_angel_182) |
Net Loss. You'd have a loss because you've lost money in that period of time and it would be a net meaning overall during the accounting period.
| What is another name for outstanding expenses? | Basic Accounting 1 (litacanrena) |
Accruals. These are expenses incurred during an accounting period, but are unrecorded because payment is not due.
| What is an account that involves expenses, losses, incomes and gains known as? | Basic Accounting 2 (litacanrena) |
Nominal Account. It includes salaries, rent, discounts, etc.
| What is a salary in terms of expenses and incomes? | Basic Accounting 2 (litacanrena) |
Expense for employer and income for employee. Anything that is an expense for one person or company is income for another person or company.
| What is a firm's payment to a supplier for merchandise inventory recorded in? | Accounting Information Systems (Trevor1968) |
cash disbursements journal. All cash payments are recorded in the cash disbursements journal. This journal is often referred to as the cheque register. All entries in this journal must have a credit to cash.
| What happens in a Double entry system? | Basic Accounting 2 (litacanrena) |
For every Debit there is an equal Credit. This is like a list where you sort out transactions.
| What entry should Julia make in February when she issues a check for maid expense that was accrued for in January? | Generally Accepted Accounting Principles (Akhnaten) |
Debit Accrued Maid Expense for $1,000, Credit Cash for $1,000. In February, Julia would debit the Accrued Maid Expense for $1,000, which would have a $1,000 credit balance from the transaction recorded in January.
| What does the certification CA stand for? | Accounting 101 - Bookkeeping (LadyCaitriona) |
| What does the accounting acronym G.A.A.P. stand for? | Accounting 101 - Bookkeeping (LadyCaitriona) |
Generally Accepted Accounting Principles. These are the principles that govern the form and format of accounting.
| What does the abbreviation GAAP stand for? | General Accounting Knowledge (blink_angel_182) |
Generally Accepted Accounting Principles. There are various generally accepted accounting principles that should always be followed by all businesses if they don't want the trouble of having auditors keep a close eye on their company.
 Frequently Asked Questions about Accounting
- What is the most common element on Earth, accounting for 36% of its mass? ( goto )
- Is it true that early in the last century, in the event any fighter's knee came into contact with the mat it would constitute the end of a round, accounting for those grueling 75 rounds or more in professional boxing? ( goto )
- Despite the perception of gender equality in the United States, the General Accounting Office has found that for the same work, if a man were to earn $1, a woman would earn only how much? ( goto )
|
Fun Trivia | 
Quizzes | 
Games
| 
People | 
Services | 
Help | 
Me
