What is the definition of accounting?, Tracking stock prices, Planning, recording, analyzing, and interpreting financial information, Planning and recording finances, Managing only budgets, What is the "language of business"?, Finance, Economics, Accounting, Marketing, How does accounting help make personal financial decisions?, By tracking assets, liabilities, and net worth, By increasing taxes owed, By eliminating debt, By predicting stock trends, Name two questions accounting can answer about a business., Did we hire enough? Are prices fair?, Who are our customers? Where are they from?, What is our slogan? Is it effective?, Did we make money? Did we spend too much?, What does it mean that "accounting tells a story"?, It turns reports into fiction, It predicts future sales exactly, It records transactions to show the company's financial story, It replaces financial statements, What is an asset?, A stock exchange, Anything of value owned, A business expense only, Money owed to others, What is a liability?, Amount owed by a business, Money earned from sales, Owner investment only, Anything of value owned, Write the accounting equation formula., Assets = Revenue + Expenses, Profit = Assets - Equity, Cash = Debt + Sales, Assets = Liabilities + Owner's Equity, In the lawn care example, what was the owner's equity?, $1,000, $500, $800, $300, If assets are $20,000 and liabilities are $8,000, what is owner's equity?, $8,000, $28,000, $10,000, $12,000, What is the first step of the accounting cycle?, Identifying transactions, Paying dividends, Preparing statements, Closing accounts, Name three account classifications mentioned in the slides., Budgets, Loans, Taxes, Debit, Credit, Balance, Assets, Liabilities, Owner's Equity, Cash, Sales, Payroll, What are the 3 main financial statements?, Journal, Trial Balance, Note, Budget, Forecast, Memo, Income Statement, Balance Sheet, Cash Flow Statement, Invoice, Receipt, Ledger, What does an income statement show?, Cash on hand only, Owner withdrawals only, Assets and liabilities only, Profit or loss over a period, How often does the accounting cycle typically repeat?, Each month, Each week, Each year only, Each day, What is the main difference between finance and accounting?, Finance is only investing; accounting is only banking, Finance is money decisions; accounting is recordkeeping, They are exactly the same, Finance is taxes; accounting is audits, What is a stock?, A company loan, A business expense, Partial ownership in a corporation, A tax payment, What is market capitalization?, Total market value of outstanding shares, Price of one share, Company profit after taxes, Total company debt, Name the two largest stock exchanges in the US., Dow and S&P, NYSE and NASDAQ, NASDAQ and SEC, LSE and NYSE, What is the difference between a bull market and a bear market?, Both mean stable prices, Both mean recession, Bull declines; bear rises, Bull rises; bear declines, A student buys equipment for $1,500, borrows $800, and invests $700. Does the accounting equation balance?, No, assets should be $800, Yes, $1,500 = $700 + $700, Yes, $1,500 = $800 + $700, No, $1,500 ≠ $800 + $700, Name two ways investors can profit from stocks., Coupons and rebates, Capital appreciation and dividends, Interest and rent, Wages and bonuses, What is a "blue chip company"?, A well-established, financially sound corporation, A government-owned bank, A new startup with no profits, A company that only sells technology.

ACCOUNTING

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