Revenues & Expenses Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200...
-
Upload
clinton-hardy -
Category
Documents
-
view
214 -
download
0
Transcript of Revenues & Expenses Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200...
Revenues & Expenses
Other Terms
Review Potpourri
$100 $100 $100
$200 $200 $200
$300 $300 $300
$400 $400 $400
$500
Dr/Cr Revisited
$400
$100
$200
$300
$500
Accrual Basis
$100
$200
$300
$400
$500 $500 $500
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
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
Revenues & Expenses - $300
The account used to record rent paid two months in advance.
What is “Prepaid Rent”?
Back to Board
Revenues & Expenses - $400
The second line shown in the heading of the Income Statement.
What is “Income Statement”?
Back to Board
Revenues & Expenses - $500
The line of the income statement that combines all revenues and expenses.
What is Net Income?
Back to Board
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
Accrual Basis - $200
The word that describes when a company has performed the acts promised to a customer.
What is “earned”?
Back to Board
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
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
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
Dr/Cr Revisited - $100
These (debits or credits) increase Contributed Capital, Retained Earnings, and Revenues.
What are credits?
Back to Board
Dr/Cr Revisited - $200
These (debits or credits) increase Expenses.
What are debits?
Back to Board
Dr/Cr Revisited - $300
DAILY DOUBLE!!!
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 + Stockholders’ 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?
Daily Double Specify Your Wager!
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?