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Mortuary Management > Quiz Review 1 > Flashcards

Quiz Review 1 Flashcards

1
Q

An accounting period is based on __________

A

a period of time

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2
Q

Definition of a calendar year?

A

January 1 - December 31

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3
Q

Definition of accounting

A

The process of keeping financial accounts
Process that takes bookkeeping information and prepares financial statements

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4
Q

When journalizing a transaction, what is recorded first?

A

A debit (then credit)

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5
Q

The accounting cycle takes place in a period of time called the __________

A

Accounting Period

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6
Q

What separates each transaction recorded in the journal?

A

A blank line

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7
Q

Definition of posting?

A

The transfer of information from the journal to the ledger

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8
Q

In the ledger, how are we able to determine the balance of an account?

A

Taking the sum of all deposits and subtracting all withdrawals

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9
Q

What numbers are the Assets?

A

100-199

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10
Q

What numbers are the liabilities?

A

200-299

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11
Q

What numbers are the owner’s equity?

A

300-399

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12
Q

What numbers are the revenue?

A

400-499

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13
Q

What numbers are the expenses?

A

500-599

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14
Q

In assets _________ increases
___________ decreases

A

Debit increases
Credit decreases

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15
Q

In liabilities _______ increases
_________ decreases

A

Credit increases
Debit decreases

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16
Q

In capital _________ increases
________ decreases

A

Credit increases
Debit decreases

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17
Q

In withdrawals _______ increases
_________ decreases

A

Debit increases
Credit decreases

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18
Q

In revenues _________ increases
__________ decreases

A

Credit increases
Debit decreases

19
Q

In expenses _________ increases
__________ decreases

A

Debit increases
Credit decreases

20
Q

What does the trial balance consist of?

A

All the accounts with their balances in the same order as they appear in the chart of accounts
Including Assets, liabilities, equity, revenue, expenses, gains, and losses

21
Q

In the trial balance, should debits and credits be equal?

A

Yes

22
Q

How do you make a correction before posting?

A

Cross the wrong one out, write the correct response above, and initialize it

23
Q

How do you make a correction after posting?

A

Cross the wrong one out, write the correct response above, and initialize it ???

24
Q

What is the first step in the accounting cycle?

A

Collect source documents from business transactions as they occur

25
Q

What is the second step in the accounting cycle?

A

Analyze and record business transactions in a journal

26
Q

What is the third step in the accounting cycle?

A

Post or transfer information from journal to ledger

27
Q

What is the fourth step in the accounting cycle?

A

Prepare a trial balance

28
Q

What is the fifth step in the accounting cycle?

A

Prepare a worksheet

29
Q

What is the sixth step in the accounting cycle?

A

Prepare financial statements

30
Q

What is the seventh step in the accounting cycle?

A

Journalize and post adjusting entries

31
Q

What is the eighth step in the accounting cycle?

A

Journalize and post closing entries

32
Q

What is the ninth step in the accounting cycle?

A

Prepare a post-closing trial balance

33
Q

What are the categories of the worksheet?

A

Account titles
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet

34
Q

Are adjustments from the worksheet journalized in the same journal as Step 2?

A

Yes

35
Q

Are financial statements prepared from the worksheet?

A

Yes

36
Q

What accounts are listed on the balance sheet?

A

Asset, Contra Assets, Liabilities, Capital, Withdrawals

37
Q

What accounts are listed on the Income Statement

A

Revenue and Expenses

38
Q

What is the straight-line method of depreciation

A

Cost of equipment - Residual value
_____________________________________
Estimated years of usefulness

39
Q

What accounts are listed on the Formal Income Statement

A

Revenues and expenses

40
Q

When accumulated depreciation is __________ from equipment, the balance of the equipment is then ____________

A

subtracted
Reduced

41
Q

What happens to the balance when withdrawals are made from the Owner’s Equity account?

A

Debit decreases the balance

42
Q

What kind of accounts are listed in the Post Closing Trial?

A

Cash
Prepaid Rent
Inventory
Accounts payable

*Permanent account balances

43
Q

What is the accounting equation?

A

A = liabilities+ ending capital

Mortuary Management (8 decks)

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