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Bookkeeping & Accounting > Journal Entries > Flashcards

Journal Entries Flashcards

Learn about journal entries

1
Q

It is important to record financial transactions because you can use _______ _______ to measure the performance of your business.

A

financial reports

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2
Q

It is important to record financial transactions because you can use financial reports to measure the _______ of your business.

A

performance

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3
Q

It is important to record financial transactions because it enables you to manage your _______ _______.

A

cash flow

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4
Q

It is important to record financial transactions because it helps keep things _______.

A

organized

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5
Q

It is important to record financial transactions because it’s useful at _______ time to avoid missing out on any deductions.

A

tax

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6
Q

It is important to record financial transactions because it’s useful at tax time to avoid missing out on any _______.

A

deductions

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7
Q

It is important to record financial transactions in case your business gets _______.

A

audited

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8
Q

Recording financial transactions is called _______.

A

bookkeeping

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9
Q

Recording _______ _______ is called bookkeeping.

A

financial transactions

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10
Q

A _______ _______ is a record of a financial transaction.

A

journal entry

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11
Q

A journal entry is a record of a _______ _______.

A

financial transaction

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12
Q

What does JE stand for?

A

journal entry

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13
Q

What are the six elements of a journal entry. List them from top to bottom, left to right.

A

(1) journal number (2) date (3) account (4) debits (5) credits (6) journal description

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14
Q

We _______ the name of the account that is getting credited.

A

indent

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15
Q

We indent the name of the _______ that is getting credited.

A

account

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16
Q

We indent the name of the account that is getting _______.

A

credited

17
Q

Write a sample journal entry.

A

(also include journal description at bottom)

18
Q

There are two types of journals: _______ and _______.

A

automatic and manual

19
Q

_______ journals only exist in accounting software. They save time by posting automatically as you enter invoices and receive payments.

A

Automatic

20
Q

Automatic journals only exist in _______ _______. They save time by posting automatically as you enter invoices and receive payments.

A

accounting software

21
Q

Automatic journals only exist in accounting software. They save _______ by posting automatically as you enter invoices and receive payments.

A

time

22
Q

Automatic journals only exist in accounting software. They save time by posting _______ as you enter invoices and receive payments.

A

automatically

23
Q

Automatic journals only exist in accounting software. They save time by posting automatically as you enter _______ and receive _______.

A

invoices, payments

24
Q

_______ is the recording of all financial transactions in a business.

A

Bookkeeping

25
Q

Bookkeeping is the _______ of all financial transactions in a business.

A

recording

26
Q

Bookkeeping is the recording of all _______ _______ in a business.

A

financial transactions

27
Q

A _______ _______ is a record of a financial transaction.

A

journal entry

28
Q

A journal entry is a _______ of a financial transaction.

A

record

29
Q

A journal entry is a record of a _______ _______.

A

financial transaction

30
Q

The _______ of the debit and credit columns should always match.

A

totals

31
Q

The totals of the _______ and _______ columns should always match.

A

debit and credit

32
Q

The totals of the debit and credit columns should always _______.

A

match

33
Q

_______ journals are used in accounting software to save you time.

A

Automatic

34
Q

Automatic journals are used in _______ _______ to save you time.

A

accounting software

35
Q

Automatic journals are used in accounting software to save you _______.

A

time

36
Q

_______ journals are for adjusting entries and unique transactions.

A

Manual

37
Q

Manual journals are for _______ _______ and unique transactions.

A

adjusting entries

38
Q

Manual journals are for adjusting entries and _______ _______.

A

unique transactions

Bookkeeping & Accounting (6 decks)

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