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350 Q&A
What is a general ledger account?

What is the difference between accounts

payable and accounts receivable?

What are accruals?

What is the difference between wages and

salary?

What is the cost of goods sold?

What is the significance of FOB Shipping

Point and FOB Destination?

What is petty cash?

What is a trial balance?

What are accrued expenses and when are

they recorded?

What is a journal entry?

What is equity?

What is the difference between a general

ledger and a general journal?

What are prepaid expenses?

What is the cost of sales?

What is the purpose of control accounts?

What is the difference between product

costs and period costs?

What is a liability?

What is the three-way match?

What is a journal?

What is meant by reconciling an account?

What is the meaning of debit?

What is the provision for bad debts?

Why is depreciation on the income

statement different from the depreciation on
the balance sheet?

What is retained earnings?

What is accumulated depreciation?

What does debit memo mean on a bank

statement?

What is a contra asset account?

What is a credit memo?

What is a suspense account?

What is the accounting journal entry for

depreciation?

What is the meaning of sundry and sundry

debtors?

Why is Accumulated Depreciation an asset

account?

What is the difference between a trial

balance and a balance sheet?

What is a nominal account in accounting?

What is miscellaneous expense?

What are net assets?

What is deferred revenue?

When do you put parentheses ( ) around a

number?

What are reversing entries and why are they

used?

What are adjusting entries?

Where does revenue received in advance

go on a balance sheet?

What is a creditor?

What is a source document?

What is the accounting cycle?

How are the balance sheet and income

statement connected?

How do you record a payment for

insurance?

How do I record a loan payment which

includes paying both interest and principal?

Is Accounts Payable a debit or a credit or

both?

Which accounts normally have debit

balances?

What is the difference between an invoice

and a voucher?

What is bad debts expense?

What is an account?

Are transportation-in costs part of the cost of

goods sold?

What are assets?

How do I record an advance to an employee

and the deduction?

What is the difference between a cost and

an expense?

What is the difference between revenue,

income, and gain?

What is a contra account?

What is the purpose of subsidiary ledgers?

What is the meaning of debtor?

Why and how do you adjust the inventory

account in the periodic method?

How do you report a write-down in

inventory?

What is the difference between a nominal

account and a real account?

What is an imprest system of petty cash?

What should be the entry when goods are

purchased at a discount?

What is an expense?

Why are expenses debited?

What is the monthly close?

What is the difference between accounts

payable and accrued expenses payable?

What is reported as property, plant and

equipment?

What are balance sheet accounts?

Is a loan's principal payment included on the

income statement?

What is the difference between periodic and

perpetual inventory systems?

What is the role of a company's controller?

What is the difference between cost and

expense?

What are some reasons that cause the

balance on the bank statement to differ from
the cash balance on the books?

What is materiality?

How is the account Cash Short and Over

used?

What is bookkeeping?

How is a voucher used in accounts

payable?

Where are accruals reflected on the balance

sheet?

What is a temporary account?

What is the proper accounting for supplies?

What are sundry expenses?

What is a trade discount?

What is a petty cash voucher?

What is the difference between a debit and a

debit balance?

What is a credit balance?

Why are revenues credited?

How is a short term bank loan recorded?

What is accrued interest?

What is the income summary account?

What is the operating cycle?

What is the accounting equation?

What are revenues?

Would you please explain unearned

income?

What is the meaning of aging?

What are the effects of depreciation?

Which accounts get closed at the end of a

fiscal year?

What is the difference between interest

expense and interest payable?

What is the difference between a ledger and

a trial balance?

What is a debit balance?

Why does a company prepare a bank

reconciliation?

What is accrued income?

What is a bill payable?

What is a revenue expenditure?

When should costs be expensed and when

should costs be capitalized?

Is a prepaid expense recorded initially as an

expense?

What is an adjusted trial balance?

What is meant by owner's draws?

What is the procedure for preparing a trial

balance?

How, when and why do you prepare closing

entries?

What is a T-account?

What does overstated mean?

What is the difference between an invoice

and a statement?

What is a general ledger?

What is a long-term asset?

What is accrued payroll?

What is bank balance and book balance?

What is an account payable?

What is a purchase return?

Is a loan payment an expense?

Are payroll withholding taxes an expense or

a liability?

How does an expense affect the balance

sheet?

Is sales tax an expense or a liability?

What is payroll accounting?

Why is income received in advance a

liability?

What is a reclassification?

What is a purchase discount?

What is carriage inwards?

What is the difference between paid-in

capital and retained earnings?

Where do credit card payments get

recorded?

Are the goods purchased by a retailer an

expense or an asset?

How should the sale of gift certificates be

recorded in the general ledger?

Where is accrued income reported in the

balance sheet?

What is the entry for a loan to an employee?

What does a bookkeeper do?

How do you record the interest that is

unpaid on a note payable?

What is a customer deposit?

Why are assets and expenses increased

with a debit?

What is the difference between an

unadjusted trial balance and an adjusted
trial balance?

What is the difference between adjusting

entries and closing entries?

Is the installation labor for a new asset

expensed or included in the cost of the
asset?

What is an unpresented cheque or check

and does it require an adjustment to the
balance sheet?

What is insurance expense?

What are debits and credits?

What is an accounting period?

What is a classified balance sheet?

What is the difference between revenues

and receipts?

What does it mean to replenish the petty

cash fund?

What is a liability account?

How do you record an asset that was

partially financed?

What is the difference between entries in a

general journal versus a general ledger?

Why would a balance sheet list current

liabilities as negative amounts?

Is advertising an asset or an expense?

Does sales commission get reported in the

income statement?

What is the self-employed person's FICA tax

rate for 2018 and 2019?

Why are accruals needed every month?

What is the difference between income and

profit?

Is there a difference between the accounts

Purchases and Inventory?

If inventory is understated at the end of the

year, what is the effect on net income?

What is the accounting entry to close the

sole proprietorship drawing account?

Are sales discounts reported as an

expense?

What is the difference between revenues

and earnings?

What is accrued rent?

Which accounts are debited in the closing

entries?

What is interest payable?

If a company earns a profit, which balance

sheet items change?

What is the difference between adjusting

entries and correcting entries?

What are the two methods for recording

prepaid expenses?

What is the accrual method?

What does understated mean?

What is the difference between a contingent

liability and an estimated liability?

What is the difference between expense and

loss?

How do I write off old outstanding checks?

Why is the P&L profit entered on the credit

side of the balance sheet?

What is stock?

Why is Rent Expense a debit and Service

Revenues a credit?

What is a/c?

What is double-entry bookkeeping?

What does crossfoot mean?

In what order are liabilities listed in the chart

of accounts?

How do you estimate the amount of

uncollectible accounts receivable?

What are sales discounts?

What is a credit?

What is the journal entry to record a one-

year subscription for a magazine?

What is salvage value?

What are sales?

What is a contra liability account?

What is a bookkeeper?

What is the difference between a

bookkeeper and an accountant?

What are some tips to make learning debits

and credits easy?

What is a memorandum entry?

Why isn't land depreciated?

What is a promissory note?

What is ERP?

What is a recurring journal entry?

How do you calculate the payroll accrual?

What is the difference between unearned

revenue and unrecorded revenue?

Is an entry made for outstanding checks

when preparing a bank reconciliation?

What is a post-closing trial balance?

What is an invoice?

Where does accrued interest on notes

receivable get reported on the balance
sheet?

What is a vendor?

A credit is not a normal balance for what

accounts?

How does the accounting equation stay in

balance when the monthly rent is paid?

What is the difference between expenses

and payments?

Can you help me understand the golden

rules of accounting?

What is the difference between reserve and

provision?

Why do we charge depreciation?

What is separation of duties?

Will every transaction affect an income

statement account and a balance sheet
account?

How do you record a return deposit item on

a bank statement?

What is accounts payable?

Why do purchases appear as expenses on

an income statement?

What is the abbreviation for debit and

credit?

What is a purchase allowance?

How does petty cash affect expenses?

What is the difference in salaries between a

bookkeeper and an accountant?

What is a restrictive endorsement?

What is a contra expense account?

In accounting, what is the meaning of dr.?

What is the accounting entry when an order

is received?

What is a post-dated cheque?

How much do you depreciate an asset and

when?

What does double entry mean?

What are gross sales?

What is the difference between Social

Security and Medicare payroll taxes?

Should inventories be reported at their cost

or at their selling prices?

What is the entry for the down payment from

a signed contract?

Why is the distinction between product costs

and period costs important?

What is the bookkeeping equation?

How do you record the sale of land?

What is contained on a 10-column

worksheet?

What is FICA?

Why is the accuracy of inventory valuation

so important?

What does it mean to reclassify an amount?

What is turnover?

What is an uncleared cheque?

What are accrued liabilities?

What is a sole proprietorship?