bellringer - 12.14.10

43. What is the source document for a correcting entry?



44. When can cash be proved?

bellringer - 12.10.10

41. What verb would you use to describe the process we are going to learn about in Chapter 5?



42. Journal : ___________ :: transaction : journal

bellringer - 12.08.10

39. What would be the accounts debited and credited in the initial business transaction of a sole proprietorship?



40. What tactics and strategies did you use to prepare for the Chapter 4 Test?

bellringer - 12.06.10

37. True or False     Errors in a journal entry should be erased, then neatly and properly rewritten.



38. If a sale for services was made on account for $500 on April 4, which account would be debited? Which would be credited?

bellringer - 12.02.10

35. Please list three advantages of a proprietorship.



36. Please list four disadvantages of a proprietorship.

bellringer - 11.30.10

33. Place the name of each of the source document initials below.

C1
R1
S1
M1
T1

34. It what instance might an accountant use C1 as a source document for a transaction yet not have the check in question? In this instance, which account would be credited?

bellringer - 11.23.10

31. Open the General Journal you created on Pages. Compare it to the one on page 66 of your book. How many headings are there on the General Journal?



32. Of the five source documents we've discussed, which one is usually an indicator that the purchase was made on account (i.e. Accounts Receivable will be used as the debit instead of cash)? If Accounts Payable were the debit, who would be the purchaser?

bellringer - 11.19.10

29. What is the accounting concept that is applied when a source document is prepared for each transaction?



30. ________ and ________ _________ and ______________ ____________ are not used when writing amounts on ruled accounting paper.

bellringer - 11.17.10

27. What is the Latin word for journal?



28. Please list at least four source documents?

bellringer - 11.15.10

25. Have you ever kept a journal? If so, did you use a specific format when writing?



26. In the double entry system of recording to the general journal, which part of the business transaction is listed first?

bellringer - 11.11.10

23. For this bellringer, you must come up with an analogous phrase using: debit, credit and two accounts.



24. For this bellringer, you must come up with an acronym for T ACCOUNT that has a business or accounting theme  to it. For example, BELLRINGER might stand for Be Early Listen Learn Remember Information Necessitate Greatness Earn Respect. I'm sure you can do better than that one, but I hope you get the idea.

bellringer - 11.9.10

21. As a quick review, a T account allows for the ________________ of a business ________________.



22. Another quick review, a T account is divided into _________ side and a _________ side with the ____________ title on top.

bellringer - 11.5.10

19. Which two T accounts would you use to examine a credit card balance?



20. Of the accounts we have learned thus far in the book, are there more with a normal balance of a debit or with a normal balance of a credit?

bellringer - 11.3.10

17. For this bellringer, please write the directional turns someone might take to go from this room to lunch. The catch is that you may only use the following words to do so: take a, go straight, debit, credit, decrease, the stairs.



18. Who am I? "I'm a right wing necessity that increases potential but abnormally decreases in order to keep a proper balance, thus, regulating a word that rhymes with bet."

bellringer - 10.29.10

15. How do you calculate the income of a business?



16. Is how much the owner withdraws from the business part of an income tax?

bellringer - 10.27.10

13. For what does the acronym ABWA stand?



14. Please give an example of a source document. How might a source document be analogous to evidence at a crime scene?

bellringer - 10.25.10

11. According to the chart of accounts on page 3, any asset would have which number series.


12. For this bellringer, you need to visit the following link and bookmark it.

https://docs.google.com/present/edit?id=0ASt-y5Y31lypZGd4enEyZnpfMTZocHRxNmpmZw&hl=en&authkey=CPjpm_gG

bellringer - 10.21.10

9. To which Chinese dynasty did Confucius act as a government recordkeeper?



10. Confucius says:

"A man who has committed a mistake and doesn't correct it, is committing another mistake."

"Never seek illicit wealth."

"The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools."

bellringer - 10.19.10

7. What do the terms "weak" and "strong" mean when referring to currency?



8. What would you consider the US dollar and the Euro to be at the moment?

bellringer - 10.15.10

5. What is the Latin (or Italian) for debit and credit?



6. For what does the acronym COA stand? What about SBA?

bellringer - 10.13.10

3. Please complete the following analogies.

left  ::  debit
right  ::  __________

abnormal  ::  decreasing
_____________  ::  normal

4. See if you can complete this pattern.

cash D L N __
supplies D L __ L
prepaid insurance D __ N L
accounts receivable __ L N L
accounts payable D L N __
capital C R N __
revenue C __ N R
expense C R N __
withdrawals C __ N __

bellringer - 10.11.10

1. For this bellringer, you simply need to create the document bellringer 2. In addition, I'd like you to download a couple of items shortly.

2. In your own words, what is a T Account?

END OF 1ST 9-WEEKS!

One down...three to go!  :)

bellringer - 9.28.10

33. Which of these would allow you to calculate the final capital amount which will be included in the Balance Sheet?

a) capital - accounts receivable + cash
b) capital - accounts payable + cash
c) capital + revenue - expenses - withdrawals
d) capital + expenses - revenue - withdrawals

34. For this bellringer, you are to go back through the rest of your bellringer document and make every answer a different color than the questions. (This can be done in mass if you know the tricks of the trade.)

bellringer - 9.24.10

31. What percentage of high school students in Kentucky are "prepared" for a career or college?



32. Please list nine accounts that we have learned about thus far this year.

bellringer - 9.22.10

29. The use of the terms: sale, sold, made a sell, and earned revenue indicates which effect upon cash or accounts receivable?



30. Please list at least four types of expenses. Do these have an overall positive or negative effect on a business? Why would you consider this to be a poorly constructed question?

bellringer - 9.20.10

25. GAAP state that revenue should be counted as _____________ when it is _________.



26. The ___________ __ ____________ method requires the company to make an estimate of how much of the project is completed at the end of the first fiscal period.



27. What does fiscal mean?



28. Create a bird using your keyboard. (for example:  :>  might be an overhead view of a bird head--but you can surely do better...like this for an owl  {o,o}   bon chance!)

bellringer - 9.16.10

23. At least, how many accounts are effected by a business transaction?



24. Which two Owner's Equity accounts help (add to) a company? Which two hurt (take from) a company?

bellringer - 9.10.10

21. If a company reports Cash as $1,000, Supplies as $500, Prepaid Insurance as $1,200, Account Receivable as $300, Accounts Payable - M. Mungle $500, and there are no reported Revenues, Expenses, and Drawings, what is amount that should be listed for Mr. John Acme, Capital?



22. Using the above information, what will the Cash account and the Liabilities (assuming A/P - M. Mungle is the only one) be, once the debt owed by John Acme's company is paid off?

bellringer - 9.8.10

19. Which of the three types of accounts go on the right hand side of a Balance Sheet?



20. The Balance Sheet is considered to be "_ ____ ____ __ ____" of the status and operations of a business.

bellringer - 9.3.10

17. What does the term ethics mean? How does this differ from morals?



18. Why should businesses be ethical?

bellringer - 9.1.10

15. What is the Unit of Measurement for business transaction in the following regions: EU, UK, Japan, China, Brazil, Canada, Ghana, and the United States?



16. What do the terms prepaid and on account mean?

bellringer - 8.30.10

13. What is the difference between capital and equity?



14. Name three asset account titles other than cash.

bellringer - 8.26.10

11. For what do the following acronyms stand?  GAAP and SEC



12. Given the accounting equation, please rearrange the equation to show the proper formulas to calculate: 1) liabilities and 2) owner's equity.

bellringer - 8.24.10

9. What is the accounting equation?



10. What usually begins (sets in motion) the accounting process?

bellringer - 8.20.10

7. What is the difference between a sole proprietorship, a company, and a corporation?



8. Why do you think it is extremely important to have a set standard of accounting principles for the entire country? How might we adjust these if portions of the country used different monetary systems?

bellringer - 8.18.10

5. Why is it important for everyone to know the proper evacuation procedures for bus emergencies and fire drills?



6. Give an example of how you diversify your wealth.

bellringer - 8.16.10

3. What advantages would there be to having an automated accounting system?



4. What is the difference between the terms: gross and net? How is net calculated?

bellringer - 8.12.10

1. What is considered the "language of business"?



2. For what does CPA stand?

THANK YOU!

Nice work on the bellringers and in class this year!

I enjoyed having you in Accounting, and I hope I was able to teach you something that will be useful throughout your years to come.

bellringer - 5.11.10

31. Please list the four sections of a Balance Sheet.



32. Which two kinds of equities are reported on a balance sheet? Where are the other two kinds reported?

bellringer - 5.7.10

29. What is the difference between the date on an Income Statement and the date on a Balance Sheet?



30. What are the accounts listed on a Balance Sheet? Which two accounts are not found on the Balance Sheet?

bellringer - 5.5.10

25. If net income is $1,099 and total sales are $4,411, what is the Component Percentage?



26. Write an eight word statement that explains net loss.

bellringer - 4.29.10

23. What are the two components of an income statement which help to show a service businesses reported revenue for the month?



24. To be considered acceptable, total expenses component percentage for a service business should be not more than ____________.

bellringer - 4.26.10

21. What is meant by the term adequate disclosure?



22. What are the four sections of the income statement for a service business?

bellringer - 4.23.10

19. Whose face appears on these bills: $1, $5, $10, $50, and $100.


20. Why do you think it is necessary to create new designs for bills periodically? What do you image these bills to be like 100 years from now?

bellringer - 4.21.10

17. What do the following mean:  IRS, SEC, GAAP?


18. In business, what is a derivative? Do you think these are a more conservative or risky approach to investing?

bellringer - 4.19.10

15. What is the first step when preparing a work sheet? Please list each of the 8 steps that follow the first step.



16. Make a bulleted list of the procedures in step 8 - Calculate and Record the Net Income (or net loss).

bellringer - 4.15.10

13. Write the formula you will use on your Numbers spreadsheet to calculate SALES in the income statement column.


14. How might an automated spreadsheet or similar computer program benefit an accountant during the course of a month? How would this same program benefit a CFO or some other top executive of a company?

bellringer - 4.13.10

11. What is the formula for calculating net income? Net loss?



12. What is your opinion of this quote from the 1775 book, Etiquette of the Banker? "The first rule of business is to protect your investment."

bellringer - 4.2.10

9. What are the four guidelines established by the courts to determine whether accountants are liable for the financial losses of third parties?



10. If your company has revenues (sales) of $2,500 and expenses of $3,000 for the month ended, March 31 2010, what is the net income or net loss of the company for the month? If this exact pattern persisted for the next 10 months, how many years would it take the company to turn a profit if, after this initial 10 month period, the company began making a steady net income of $100 per month? A two point bonus will be given for getting the answer correct.  :)

bellringer - 3.28.10

7. What is Geely? What did Geely buy?



8. The worksheet is used to prepare which two financial documents?

bellringer - 3.25.10

5. List the three steps involved in recording adjusting entries on a worksheet.



6. What is the name of the primary system of measurement in the United States? Which system does the majority of the rest of the world use?

bellringer - 3.25.10

3. After __________________ are made, the ________________ incurred to earn ______________ are reported in the same fiscal period as the revenue is earned and reported.



4. The length of time for which a business summarizes and reports financial information is called _____________________.

bellringer - 3.16.10

This is the beginning of the 4th 9-weeks bellringers.

1. In accounting, what is considered to be a worksheet?



2. Please list the four reasons accountants use worksheets.

bellringer - 3.8.10

39. What did you pick up from the movie that might help you in the starting of a business or when applying for a job? Have you ever taken on either of these tasks?



40. The family motto of Shackleton, Fortitudine Vincimus - "by endurance we conquer." was the inspiration for the name of his ship. What does this motto mean to you?

bellringer - 3.2.10

37. Who was the movie we began named after? What was his historical claim to fame (or infamy if you are a glass half empty kind of person)?

38. Please list at least four things he or his companions had to do prior to being able to launch their expedition. In other words, what specific undertakings had to be made to launch themselves into business.

bellringer - 2.26.10

35. An ________________ ________________ displayed on a computer monitor consists of a group of rows and columns. _______________ is the name of the iLife spreadsheet program on your MacBook.



36. A __________ __________________ ________ increases the efficiency of verifying a bank statement. A spreadsheet can be created (you did this) with all the _________________ necessary to complete a bank reconciliation.

bellringer - 2.24.10

33. Which type of transactions occur more frequently than any other? Why might this be?



34. What are two types of errors that can be made when dealing with this type of transaction? What can safeguard against both types of errors?

bellringer - 2.22.10

31. Please give two pros and two cons of using EFTs (Electronic Funds Transfers).



32. The cash account is not the same as the petty cash. It does, however, represent four types of payments. Please list each of these four.

bellringer - 2.18.10

29. What is an EFT? Also, please explain the difference between a debit card and a credit card.



30. What does the word "petty" mean? Why is this term used to form the account, petty cash?

bellringer - 2.16.10

27. Please list the four reasons why a depositor's records and a bank's records may differ.

28. What are the four steps involved in journalizing a bank service charge?

bellringer - 2.12.10

25. For what does FDIC stand? When was this created and why? For how much does it cover per depositor?



26. Please explain why most banks will not accept a postdated check.

bellringer - 2.10.10

23. Checks are listed on a ____________ _______ according to the ________ ___________ on each check.



24. Please list two of the four reasons that there might be a difference between a bank's records and a depositor's records.

bellringer - 2.8.10

21. For what does EFT stand? In order to perform an EFT, you must provide two numbers from your checking accounting. What are these numbers?



22. What are the three types of endorsements?

bellringer - 2.4.10

19. Do you control money in your life, or does it control you? Why is it vital for a business (and an individual) to maintain proper cash control systems?



20. Devise a plan to get someone in Haiti financially stable within one year. How might micro credit, tax incentives, accounting systems, and emerging technologies be used as part of your plan?

bellringer - 2.2.10

17. If you were a squirrel, nuts were money, and your cheeks the journal, what would you consider to be the ledger? What would this allow you to do with the nuts stored in your cheeks?



18. What advantages does a paper and pencil workbook give over a computerized spreadsheet when performing accounting operations? What advantages does the computerized spreadsheet provide?

bellringer - 1.27.10

15. Create a graphical representation (on your Pages document) of the four (including T-accounts) parts of the Accounting Cycle that we have discussed thus far.



16. Get a piece of computer paper, a pencil, and coloring utensils. Then draw the Accounting Cycle found on page 208. (detail and neatness are highly encouraged and recommended)

bellringer - 1.25.10

13. When should you prove cash? ______________ To prove cash, compare the _________ __________ with the cash balance in the ___________ ______________. If the two balances _____________, cash is proved.

14. The source document for a correcting entry is the _________________.

bellringer - 1.21.10

11. Please list the steps involved in the process of posting to a general ledger.



12. Please properly match (pair up) the following terms:

BUSINESS TRANSACTION
GENERAL LEDGER
GENERAL JOURNAL
ASSET
POSTING
PREPAID INSURANCE
RECORDING
T-ACCOUNTS

bellringer - 1.19.10

9. Please list the three parts of the Accounting Cycle that we have covered or are covering to this points (I'd actually like you to list four parts, even though one of these is not technically part of the cycle). The Accounting Cycle may be found on page ___ of your book.



10. What are the two steps involved in opening an account. (Hint: they are extremely difficult.)

bellringer - 1.14.10

7. Where is Haiti? What is its capital? What is its language?

8. This country is the ___________ in the western hemisphere? What happened there almost two days ago?

bellringer - 1.12.10

5. According to the book, the account number 150 would represent _______________.



6. Why are there two debit and two credit columns on a general ledger?

bellringer - 1.6.10

3. How many chart of account divisions are there in the general ledger? What are they?



4. What is the procedure for arranging account numbers and keeping records current?

bellringer - 1.4.10

1. What does it mean to post?



2. To where do we post at this stage of accounting?