FABM1 (4th Quarter) Flashcards

1
Q

Is referred to as the relationship between a company’s assets, liabilities, and equity.
It is one of the most important

A

Accounting Equation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

It is one of the most important equations in accounting and is used for preparing the balance sheet.

A

Accounting Equation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

book of Frater Luca Bartolomeo Pacioli, 36 chapters were devoted to describing double-entry bookkeeping and other commerce-related concepts.

A

Summa de Arithmetica, Geometria, Proportioni et Proportionalita

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

is a system in which at least one debit entry (left side) and at least one credit entry (right side) are entered for each transaction.

A

Double-entry bookkeeping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction.

A

Duality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the formulas?

A

˚Assets = Liabilities + Capital (Owner’s Equity)
˚ Owner’s Equity = Assets - Liabilities
˚ Liabilities= Assets - Owner’s Equity
˚

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Each specific account title has two sides:

A

Left side for debit, Right side for credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Each specific account title has two sides: This is commonly know as

A

T-Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q
  • Is a listing of all the accounts and is usually tailored to the operations of the business.
A

Chart of Accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q
  • It functions as a guide to the accountant or the bookkeeper in
    Sals of Asset rand suidiss Once
    Fumiture & Equipmart, Serice Vehicie or
    ensuring uniformity and consistency in the use of all the accounts in recording business transactions.
A

Chart of Accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly