It’s All About the BS Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 To.

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Presentation transcript:

It’s All About the BS Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ To Debit or to Credit… $ $ $ $ $ Trans-x Analysis $ $ $ $ $500500$500500$500500

All about the BS - $100 The equation used for the Balance Sheet. What is Assets = Liabilities + Shareholders’ Equity? Back to Board

All about the BS - $200 The account used to report currency, bank account balances, and other “near-cash” assets owned by the company. What is the Cash account? Back to Board

All about the BS - $300 A balance sheet that separates assets and liabilities into current and long-term categories. What is a Classified Balance Sheet? Back to Board

All about the BS - $400 Account representing the amount contributed by the shareholders. What is Contributed Capital? Back to Board

All about the BS - $500 The key factor that differentiates between current and long-term assets and current and long-term liabilities. What is: current assets or liabilities will be used up or paid within the year? Back to Board

Trans-x Analysis - $100 The name given to any exchange or event that has a direct economic effect on the assets, liabilities, or shareholders’ equity of a business. What is a Transaction? Back to Board

Trans-x Analysis - $200 The formal name given to the idea that every transaction has at least two effects on the accounting equation; a “give and receive” situation. What is Duality of Effects? Back to Board

Trans-x Analysis - $300 The type of transaction that involves exchanging one promise for another promise. (Ordering supplies and promising to pay later when they are received.) What is “not a transaction”? Back to Board

Trans-x Analysis - $400 Back to Board Two equalities that must be maintained when recording journal entries for each and every transaction. What is debit=credit and A=L+SE?

Trans-x Analysis - $500 The accounting equation effects that arise when a shareholder invests additional money in the company in exchange for a greater ownership share. What is an increase in Cash (+A) and an increase in Contributed Capital (+SE)? Back to Board

To Debit or to Credit - $100 Debit means the ____ side of an account, Credit means the ____ side of an account. What is left and right? Back to Board

To Debit or to Credit - $200 These increase assets (debits or credits). What are debits? Back to Board

To Debit or to Credit - $300 DAILY DOUBLEDAILY DOUBLE!!!

To Debit or to Credit - $400 These increase liabilities and shareholders’ equity (debit or credit). What are credits? Back to Board

To Debit or to Credit - $500 These are written as the first line of a journal entry. What are debits? Back to Board

Other Terms - $100 A simplified version of a ledger account. What is a T-Account? Back to Board

Other Terms - $200 Summary of all account names used in a company’s accounting system. What is the Chart of Accounts? Back to Board

Other Terms - $300 A verb that describes the act of noting a transaction in the journal. What is Journalize? Back to Board

Other Terms - $400 The requirement that transactions be recorded at their original cost. What is the Cost Principle? Back to Board

Other Terms - $500 The requirement to use the least optimistic measures when the value of an asset or liability is uncertain. What is Conservatism? Back to Board

Review Potpourri - $100 Back to Board The type of company for which its ownership is transferred by the sale of shares in a market or “stock exchange”. What is a public company?

Review Potpourri - $200 Back to Board The order in which assets are listed on the Balance Sheet. What is Liquidity?

Review Potpourri - $300 Back to Board The acronyms; ASPE and IFRS. What are ‘Accounting Standards for Private Enterprise’ and ‘International Financial Reporting Standards’?

Review Potpourri - $400 Back to Board The account that represents the company’s total earnings and losses less all dividends occurring since the formation of the corporation. What is Retained Earnings?

Review Potpourri - $500 Back to Board The information conveyed by the lines in a Balance Sheet’s heading. What is: Who (name of business), What (title of the statement; BS), When (accounting period; at or as of…), and Other (unit of measure).

Daily Double Specify Your Wager!

To Debit or to Credit --- The difference between a journal and a ledger. Back to Board What is “a record of each day’s transactions” as opposed to “a collection of records that summarize the effects of those journal entries”?