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Structure
Interesting Questions, Facts and Information
- There are a total of 150 general entries. We are selecting 30 for display.
Special Topics
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 Interesting Questions, Facts, and Information
 Accounting
fiscal period . The term 'finanicial year' is used mainly in British English.
Articles of Incorporation.
| These are economic resources with the ability or potential to provide future benefits? | Financial Accounting
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| Which financial statement shows the results of the operating activities of a firm for a specific period of time? | Financial Accounting
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| This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time? | Financial Accounting
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| Which government agency has the authority to set acceptable accounting methods in the U.S.? | Financial Accounting
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SEC. The SEC is the Securities Exchange Commission. The FAA is the Federal Aviation Administration, and the EEOC is the Equal Employment Opportunities Commission.
| A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it? | Financial Accounting
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Debit. Expenses decrease the owner's capital.
Posting. You JOURNALIZE an entry from the source, and POST the journal entry to the ledger.
Generally Accepted Accounting Principles. These are the principles that govern the form and format of accounting.
Latin, debere and credere. Accounting has been around for a long time :)
f. Only if the normal balance of the account is debit. If the normal balance of the account is credit, you deduct.
divide current assets by current liabilities. The Current Ratio tells you how well your business is able to cover its current debts (the ones payable in the next twelve months). It is generally accepted that if your business has a Current Ratio of two or more, you're doing well.
f. You can use two entries to fix it, but two are not REQUIRED. The entry can usually be fixed with one entry, or one compound entry.
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.
| 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
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Economic entity assumption. Basically, the economic entity assumption states that a corporation exists as a separate entity from its owner(s) or shareholders.
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.
cash . An account increases in liquidity the easier it is to turn into cash. This is important to know, because on a Classified Balance Sheet, current assets and current liabilities must be recorded in order of decreasing liquidity.
public. A public accountant opens his business to the public, whereas a private accountant works for a private company.
| 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
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accrued revenue. In the cash basis of accounting, the transaction would not be recorded until the next period, when the cash is received.
| Accounting is the process of identifying, recording, and communicating the economic events of an organization to the user of the information. True or False? | Accounting #1
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t. Identifying, recording and communicating are the three activities that make up the accounting process. To be clearer, this means identifying the economic events, keeping a record of those events, and communicating the information collected through the use of financial statements. (Accounting Principles, Canadian Edition, volume 1, by Weygandt, Kieso, and Trenholm, page 2).
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