Dr/Cr Revisited - $400 The accounts for a hair salon that are affected when a customer redeems a $200 gift card for a really nice haircut. What are Unearned revenue (decrease, debited) and Service Revenue (increase, credited)? Back to Board
Dr/Cr Revisited - $500 The accounts affected when a $300 gift card is sold for cash. What are Cash (increase, debited) and Unearned Revenue (increase, credited)? Back to Board
Other Terms - $100 The basis of accounting that records revenues when they are earned and expenses when they are incurred. What is Accrual Basis Accounting? Back to Board
Other Terms - $200 The idea that an indefinite period can be divided into periods for the purposes of evaluating business performance. What is the “Time Period Assumption”? Back to Board
Other Terms - $300 The accounting principle that requires that revenues be recorded when they are earned. What is the Revenue Principle? Back to Board
Other Terms - $400 The name of the policy that defines when a company reports its revenue from operating activities. What is a Revenue Recognition Policy? Back to Board
Other Terms - $500 The accounting principle that requires that expenses be recorded in the period in which they are incurred to generate revenue. What is the Matching Principle? Back to Board
Review Potpourri - $100 Back to Board The equation used for the Balance Sheet. What is Assets = Liabilities + Shareholders’ Equity?
Review Potpourri - $200 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?
Review Potpourri - $300 Back to Board A balance sheet that separates assets and liabilities into current and long-term categories. What is a Classified Balance Sheet?
Review Potpourri - $400 Back to Board The requirement to use the least optimistic measures when the value of an asset or liability is uncertain. What is Conservatism?
Review Potpourri - $500 Back to Board What it means to declare a dividend. What is a formal promise to pay out some of a company’s resources to its owners?