1. Accounting I Review For Fall Final

2. Know Account Classification Classification  Asset  Liability  Capital/Drawing  Sales  Expenses Acct. No. __________ Normal Balance Debit or Credit __________

3. How are accounts numbered? Provide Sequence and example  ________________

4. The recording of debit and credit parts of a transaction is known as:  Matching revenues to expenses  Closing the books  Objective evidence  Double entry accounting

5. List Accounting Concepts GAAP (10) Provide brief Explanation (slide 1) 1234512345

6. Accounting Concepts (2 nd slide) Brief statement explaining  6  7  8  9  10

7. List 5 source document  1.  2.  3.  4.  5.

8. What is a list of accounts used by a business?  __

9. The form that is used to help plan adjustments and sort financial info before publishing financial statements.  Chart of accounts  Balance sheet  Income statement  Worksheet

10. Net Income or Net Loss Column Placement Which columns  If ____________ is larger than expenses, result is a _______________.  Tell the two columns including debit and credit ______________ and _____________  If ____________ is larger than income, result is a _________________  Tell the two column including and credit

11. What transaction is used when preparing for Petty Cash  Establish  Debit __________; Credit _________  Replenish: Having spent for Supplies; Postage; and Repair Expense  Debit ________,_________, ____________ Credit ____________

12. What is the Accounting Equation?  _________________ = ________________ ( ) _______________

13. Name 3 kinds of check endorsements?  1  2  3  Under which way can you transfer money?  1.

14. Identify the side of the account? Place accounts to normal-increase side Assets, Liabilities, Capital, Sales, Expenses  Left side  Right side

15. Who was the father of Accounting?  Michelangelo  Luca Pacioli  Mario Luigi  The Godfather

16. Adjustments are made to adjust the value and record the expense for what 2 accounts? Provide the 2 pairs of accounts. 1. Debit _________ Credit ________ 2. Debit _________ Credit _______

17. Correct an Entry: $100 amount was posted in error to Misc. Exp. It should have been posted to Advertising Expense.  New Debit  New Credit

18. Define Proving Cash  What 2 books are reviewed?

19. When a business buys on account, what happens to the liability?  Increase  Decrease

20. Entry to record investment of owner  Debit  Credit

21. Expense accounts are listed in what order  Alphabetic  Chronological  Value in account

22. Net Income Percentage (search)  Net Income divided by net sales  Net sales divided by total expense  Net sales minus total expenses  Net sales divided by net income

23. Definition: What is an Accounting System?  Answer:

24. Money invested in a business  Loan  Profit  Loss  Capital