Definitions
Equations
Examples
100

Book value of an asset after depreciation

What is an salvage value?

100
The accounting equation
What is assets= liabilities + equity
100
Cash, Accounts Receivable, office supplies, and land are examples of what?
What is assets
200
This financial statement is a summary of revenue and expenses
What is the income statement
200
Net Income = ____________ - ______________
What is Revenue - Expenses
200
Accounts payable is an example of a what?
What is a liability
300
This financial statement mirrors the accounting equation
What is the balance sheet
300

The AVCO equation

What is Total Cost of Inventory / Number of Units Sold 

300
Proprietorship, partnership, corporations, not-for-profit are examples of
What is types of business organizations
400
An obligation to pay cash in the near future
What is accounts payable
400
In the rules of debits and credits, a debit in liabilities is an increase or decrease
What is a decrease
400

The three types of ways to value inventory.

What is LIFO, FIFO , AVCO

500
The record holds all the accounts with their balances
What is a ledger
500

(cost of the asset – estimated salvage value) ÷ estimated useful life of an asset

What is Straight Line Depreciation?

500
Prepaid expenses, depreciation, accrued revenues and expenses, and unearned revenue are types of what?
What is Adjusting Entries
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