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Unit 1 review
Accounting 1 basic concepts, 20 cards
18
Accounting
11th Grade
12/13/2011

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Cards

Term
Foundation Skills
Definition
possessing a great deal of integrity and has excellent basic skills in literacy and computation.
Term
21st Century Skills
Definition
problem-solver and needs little direction to complete assigned tasks.
Term
Workplace Skills
Definition
an individual that can convert their manual accounting system to a computerized system.
Term
Self-Direction
Definition
takes responsibility and initiative for her own work at Accounting Temps.
Term
The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?
Definition
Debit Cash and credit Frank Harper, Capital
Term
The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry
Definition
Debit Cash and credit Accounts Receivable/Parker, INC
Term
Integrity
Definition
Demonstraiting truthfullness and acuracy while accounting.
Term
Independance
Definition
Being honest and doing nothing that will benefit you or a client monitarly.
Term
The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?
Definition
Debit Cash and credit Legal Fees
Term
The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?
Definition
Debit Supplies and credit Accounts Payable/Davis Supply Store
Term
The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?
Definition
Debit Prepaid Insurance and credit Cash
Term
The transaction, PAID CASH FOR RENT, would result in which journal entry?
Definition
Debit Rent Expense and credit Cash
Term
The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry
Definition
Debit Utilities Expense and credit Cash
Term
The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?
Definition
Debit Accounts Receivable/Beth Parker and credit Sales
Term
The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?
Definition
Debit Miscellaneous Expense and credit Cash
Term
In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:
Definition
receipt
Term
In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an
Definition
invoice.
Term
In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an
Definition
invoice
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