Accounting Review

Net income is required on your balance sheet.

When I post, these transactions go into the:

If a business makes a sale that includes HST, how is the HST handled?

A 1 yr. insurance policy is purchased for $120 on Jan. 1. What's the adjustment on Jan. 31?

Opening and closing inventory is closed in a periodic system.

The worksheet is a formal financial statement.

Assets that will last longer than one year are known as:

An income statement shows you:

If I buy inventory in a Perpetual system, I would debit:

Assets increase with a debit.

With perpetual inventory, you have a Cost of Goods Sold account.

Personal assets should be included on the business balance sheet.

The calculation for Gross Profit is:

The inventory method where the Inventory account is continuously updated is the:

Cost of Goods Sold (in a Periodic system of inventory) is a calculation on:

COGAS stands for:

When a Sale is made in the perpetual system, 2 journal transactions should be made.

A double underline indicates a final balance.

It is alright if your debits don't equal your credits.

If a sale is made on account, you would debit

I need to remit HST. HST Payable=$1,000. HST Recoverable= $500, I should:

The first step in the accounting cycle is to:

Current liabilities are:

Horizontal analysis compares account percentage changes from year to year.

Furniture with a balance of $1,000 is being depreciated at 20%. Depreciation for a year is:

Salvage value is needed to calculate

A debit always makes a balance bigger.

Management should be very concerned if Sales are increasing 25% but Net Income is increasing 2%

Cash is always listed first under current assets because:

Which is not a contra account?

A net loss would result in the Capital account being:

A mortgage is an example of a:

Income Statements and Balance Sheets have 3 columns.

A year end that ends on any day other than December 31 is known as a fiscal period.

A trial balance ensures journal entries were posted correctly. It will always catch mistakes.

A truck that cost $10,000 that's been depreciated $4,000 should be recorded as:

If the owner withdraws money for personal use, you would debit:

If I purchase supplies with HST for cash, I would:

Freight-out is included:

Lenders are not very interested in the debt ratio.

Beginning and ending inventory is put on the worksheet using periodic inventory.

The current ratio is current assets divided by:

Which account is considered a nominal (temporary) account?

Accounting is the department where:

Loss on disposal of a fixed is considered an:

On an income statement, expenses are listed:

2:1 is a good current ratio.

The proper format for the date on an Income Statement is:

The adjustment for supplies used during the year is:

The accounting equation is: