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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 on theme: "It’s All About the BS Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 To."— Presentation transcript:

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2 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

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

4 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

5 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

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

7 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

8 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

9 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

10 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

11 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?

12 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

13 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

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

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

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

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

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

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

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

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

22 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

23 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?

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

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

26 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?

27 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).

28 Daily Double Specify Your Wager!

29 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”?


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