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Revenues & Expenses Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Dr/Cr.

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Presentation on theme: "Revenues & Expenses Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Dr/Cr."— Presentation transcript:

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2 Revenues & Expenses Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Dr/Cr Revisited $ $ $ $ $ Accrual Basis $ $ $ $ $500500$500500$500500

3 Revenues & Expenses - $100 The type of income statement account that reports amounts charged for providing goods or services to customers. What are Revenues? Back to Board

4 Revenues & Expenses - $200 The account used to record the cost of electrical services used during the current period. What is “Electricity Expense” (or Utilities Expense)? Back to Board

5 Revenues & Expenses - $300 The account used to record rent paid two months in advance. What is “Prepaid Rent”? Back to Board

6 Revenues & Expenses - $400 The second line shown in the heading of the Income Statement. What is “Income Statement”? Back to Board

7 Revenues & Expenses - $500 The line of the income statement that combines all revenues and expenses. What is Net Income (or loss)? Back to Board

8 Accrual Basis - $100 The basis of accounting in which revenues and expenses are recorded when cash is received or paid. What is the Cash Basis Accounting? Back to Board

9 Accrual Basis - $200 The word that describes when a company has performed the acts promised to a customer. What is “earned”? Back to Board

10 Accrual Basis - $300 The term used to describe what happens when economic benefits of an item are used up in the current period. What is when expenses are “incurred”? Back to Board

11 Accrual Basis - $400 A liability representing a company’s obligation to provide goods or services to customers in the future. What is Unearned Revenue? Back to Board

12 Accrual Basis - $500 The two basic accounting principles that together represent the “rule of accrual.” What are the Revenue and Matching Principles? Back to Board

13 Dr/Cr Revisited - $100 These (debits or credits) increase Contributed Capital, Retained Earnings, and Revenues. What are credits? Back to Board

14 Dr/Cr Revisited - $200 These (debits or credits) increase Expenses. What are debits? Back to Board

15 Dr/Cr Revisited - $300 DAILY DOUBLEDAILY DOUBLE!!!

16 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

17 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

18 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

19 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

20 Other Terms - $300 The accounting principle that requires that revenues be recorded when they are earned. What is the Revenue Principle? Back to Board

21 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

22 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

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

24 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?

25 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?

26 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?

27 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?

28 Daily Double Specify Your Wager!

29 Dr/Cr Revisited --- An internal report created to check on the equality of recorded debits and credits. Back to Board What is a Trial Balance?


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