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Cards In This Set
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A fiscal year that ends June 30, 2008 begins when?
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July 1st, 2007
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Name 2 current assets:
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1) Cash2) Accounts receivable 3) inventories4) supplies5) Short term investments
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Name 2 Current liability Accounts:
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1) Accounts payable2) Salaries payable3) Notes payable4) unearned revenue5) interest payable6) taxes payable
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GAAP stands for
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Generally Accepted Accounting Principles
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GAAP requires he use of
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Cash/Accurual (adding together of interest or investments over time).it can refer to accounts on a balance sheet that represent liabilities and non-cash-based assets. this includes accounts payable, a/r, etc...
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Name the steps in the accounting cycle
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1. Analyze transactions2. journalize transactions3. post to the ledger 4. prepare the balance sheet
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Name 4 primary financial statements for the For-Profit Enterprise
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1. Balance sheet2. Income statements3. Statement of Retained Earnings4. Statement of cash flows
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Do a T-graph for the Assets
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AssetDebit+/Credit -
Normal balance is on debit side |
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Do a t-graph for Liabilities
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Liability-Deb/Credit + Normal balance is on Credit
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Do a t graph for Equity
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Equity - Debit/+ CreditNormal balance is for credit
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Equation for Assets =
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Assets = Liability + Equity
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T Account for Revenue
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Revenue- Debit/ Credit + Normal balance for credit
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T account for expenses
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Expenses+ Debit/- CreditNormal balance is debit
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T account for dividends
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DividendsDebit +/Credit - Normal balance is debit
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Revenue - Expenses =
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Revenue - expenses = Net income/loss
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