Source Document

What is a form on which a brief message is written describing a transaction?

4 Part of Journal

Name all 4 parts of a journal entry.

5 Amount Columns

Name the 5 amount columns used on a journal.

Cash on Account

Which 2 journal columns are used to record receiving cash on account?

Journal - No Heading

A journal amount column that is not headed with an account title is what?

Normal Balance

1. Define normal balance side.
2. What is the normal balance side of an expense account?
3. What is the normal balance side of a drawing account?

2 Rules

What 2 accounting rules regulate increases and decreases of account balances?

CPA

What does CPA stand for?

Ethical Dilemma

Truth vs. Loyalty


As a professional working for a large defense electronics firm, Stan found himself riding a roller coaster of concern about layoffs. Every few years, it seemed, top management slashed jobs as work slacked off – only to hire again when things started looking up. So when Stan and his team members noticed that the executives were again meeting behind closed doors, they suspected the worst.

Stan’s boss however, was a good friend – and also a voluble talker. So Stan felt no qualms asking him about the future. His boss explained the contingency plan at length -- mentioning that if layoffs were needed, Stan’s team member Jim would be slated to lose his job. He also made it plain that Stan was to keep that information confidential.

Not long after that conversation, Jim approached Stan and asked whether he could confirm what the rumor mill was saying: that he himself would be the target. That request landed Stan squarely in the truth-versus-loyalty dilemma. Because he knew the truth, honesty compelled him to answer accurately. But he had given his word to his boss not to break a confidence, and felt a strong loyalty to that relationship.

In 3-4 sentences, tell me is it ethical or unethical that Stan told Jim private information that was shared with him by his boss. Explain why you think that?

Ethics

Use your chapter packet to tell me what ethics and business ethics are?

Equation Increases

What must be done if a transaction increases the left side of the accounting equation? Answer pg. 10 in packet.

Asset

What is the definition of an asset and give me 3 examples.

Accounting Equation

Use your Chapter 1 packet to tell me what the Accountign Equation is.

1st BLOG - CHP 1

Grab a CHP 1 packet off the shelf in class and define the terms below:

• Asset
• Liability
• Transaction
• Revenue