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Accounting 101 - Bookkeeping
"Includes some of the things I've learned in my first six weeks of Accounting and Finance."
15 Points Per Correct Answer - No time limit
What is the normal balance for an expense account?
None of these
The act of transferring the information from the General Journal to the General Ledger is called what?
What does the accounting acronym G.A.A.P. stand for?
The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what?
Greek, debitor and creditor
Greek, debere and credere
Latin, debere and credere
Latin, debitor and creditor
True or False? To "debit" an account means to add to it.
What kind of balance sheet makes distinctions between current and capital assets?
How do you get the Current Ratio?
divide current assets by current liabilities
divide capital assets by current liabilities
divide current liabilities by current assets
divide long-term liabilities by current assets
True or False? If a mistake is made in a journal entry, two correcting entries are required to fix it.
When we talk about accounting, what kind of job do we mean?
Bookkeeping and auditing.
Bookkeeping and consulting.
All of bookkeeping, auditing, consulting, and more.
Which part of the G.A.A.P. is "the assumption that economic events can be identified with a particular unit of accountability"?
Going concern assumption
Economic entity assumption
Monetary unit assumption
Which form of accounting states that transactions are to be recorded in the period that they occur?
Transaction basis of accounting
Cash basis of accounting
Accrual basis of accounting
Economic basis of accounting
Usually, what asset account in a company's ledger is the most liquid?
Which kind of accountant would you go to to have prepare your income tax documentation, public or private?
(One Word - Public or Private)
What does the certification CA stand for (in Canada)?
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)?
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Compiled May 18 13