What is the financial statement that presents the change in SE during the period, which include retained earnings and common stock
100
Ledger
What is the griyo if accounts maintained by a company
100
Depreciation
What is the process of allocaitng the cost of an asset to expense over its useful life.
100
Closing Entries
What is entries at the end of an accounting period to transfer the balances to balance sheet or profit and loss.
200
Liabilities
What is debts and obligations of a business
200
Current Liabilities
What is obligations that companies reasonably expected to pay within the next year.
200
Chart of Accounts
What is a list of a company's accounts
200
Accrual Basis
What is accounting basis in which companies record, in the periods in which the events occur, transactions that change a company's financial statements, rather than in the periods in which the company receives or pays cash.
200
Matching Principle
What is the principle that dictates that efforts (expenses) be matched with accomplishments (revenues)
300
Net Loss
What is The amount by which expenses exceed revenues
300
Property Plant and Equipment
What is Assets of a relatively permanent nature that are being used in the business and are not intended for resale.
300
Account
What is an individual accounting record of increases and decreases in a specific asset, liability, and stockholders equity items.
300
Prepaid expenses
What is expenses paid in cash and recorded as assets before they are used or consumed.
300
GAAP
What is Generally Accepted Accounting Principles
400
Dividends
What is distribution of cash to its shareholders
400
Consistency
What is use of the same accounting principles and methds from year to yar within a company
400
Double entry system
What is a system that records the dual effect of each transaction in appropriate accounts
400
Adjusting Entries
What is Entries made at the end of an accounting period to ensure that the revenue recognition and matching principles are followed.
400
Accumulated depreciation is what type of an account
What is contra asset account
500
Accounting
What is the process of identifying, recording and communicating the economic events of a business
500
Cost Principle
What is an accounting principle that states that companies should record assets at their cost.
500
Journalizing
What is the procedure of entering transaction data in the journal.
500
Contra Asset
What is an account that is offset against an asset account on the balance sheet.
500
Time period assumption
What is an assumption that the economic life of a business can be divided into artificial time periods.