bellringer - 9.30.09

37 Explain the difference between the accounts payable and the accounts receivable accounts. Do this by using one compound sentence, consisting of exactly eleven words.  

38 If an owner makes a cash withdrawal from the company for personal use, his person finances will _______________ and his equity in the business will ________________. 

bellringer - 9.28.09

35 Other than an investment, name three types of owner’s equity.

36 All revenue is known as ____________ income. All revenue minus all expenses is known as ____ income.

bellringer - 9.24.09

33 What is the difference between revenue and cash? Revenue and an Expense?

34 What do you get when you subtract expenses for revenues?

bellringer - 9.22.09

31 If someone were to write your business an IOU, which account would you use?

32 Cash sales are recorded as _____________________.

bellringer - 9.18.09

29 If Assets total $4,000 and Liabilities total $1,000, what must Owner’s Equity be?

30 Why is insurance listed as an asset? What account title do we use to denote this?

bellringer - 9.16.09

27 The balance sheet is considered a ________________ in time of how the business is performing.

28 The personal money used to open a companies accounts is known as the _____________ ___________________. Which two accounts does this transaction affect?

bellringer - 9.14.09

25 Which is the accounting document that shows all the accounts in balance?

26 What are the three account headings? What is the difference between an account heading and an account title?

bellringer - 9.10.09

23 What is the account title of the account we use to show insurance purchased in advance?

24 Which type of account is the aforementioned?

bellringer - 9.8.09

21 What happens to the cash account if we purchase supplies with cash?

22 If we open an account with a vendor (say Office Depot) to purchase supplies, what happens to both the supplies account and the accounts payable account?

bellringer - 9.3.09

19 How many service businesses did you include in your Paducah area business project? Of these, which type is most prevalent?

20 Which is your favorite service business in the Paducah area and why?