Statistics for Accounting 101

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	Hint	Answer	% Correct
J	Book of original entry	Journal	81%
B	Other term for Statement of Financial Position	Balance Sheet	76%
I	Temporary Account (+)	Income	60%
P	Two or more persons bind themselves to contribute money, property or industry to a common fund with an intention of dividing the profits among themselves.	Partnership	53%
	Elements of Accounting, Dr. as Normal balance	Asset/Expense	46%
A	Asset= Liabilities + Capital	Accounting Equation	44%
E	Independent Auditor other name	External Auditor	24%
C	Revenue minus variable cost	Contribution Margin	22%
A	Already earned but not yet receive	Accrued Income	21%
R	Net Income/ Asset	Return on Assets	20%
P	Father of Accounting	Fr. Luca Pacioli	19%
G	Underlying Principle	Going Concern	17%
O	The average time between purchasing or acquiring inventory and receiving cash proceeds from its sale.	Operating Cycle	14%
R	Last procedure in accounting cycle	Reversing Entries	14%
N	Accounts Receivable less Allowance for doubtful accounts	Net Realizable Value	9%