Vocabulary Flashcards
Accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and ___________ by users of the information.
Decisions
Debits must always equal _______
Credits
True or False: Assets = Liabilities + Fund Balance
True
The old term for Fund Balance is ________
Surplus
True or False: Assets appear on the right side of the balance sheet
False
A double entry system is completely represented by which of the following?
A. Checkbook
B. Fixed Asset Ledger
C. A receipt book
D. A general ledger
D. A general ledger
Name the 4 Books of Original Entry
Cash Receipts Journal
Cash Disbursements Journal
Payroll Journal
General Journal
Assets, Liabilities and Fund Balance are called permanent accounts because they will appear on what financial statement?
Balance Sheet
Revenue and Expenditure accounts are called _________ accounts because they will get closed to Budget Operations.
Temporary
Liabilities are increased with a (Debit or Credit)
Credit
Fund Balance appears on which side of the Balance Sheet
Right
Fund Balance is decrease with a (Debit or Credit)
Debit
In a double-entry accounting system every transaction has at least two entries which include a _______ and a _________
Debit and a Credit
How are revenues and expenditures recognized in Modified Accrual Accounting?
Revenue is recognized when Received
Expenditures are recognized when incurred
What does MRNA stand for?
Miscellaneous Revenue Not Anticipated