Terms
The result of an excess of expenses over revenues.
Net Loss
Funds taken from a business by the owner for personal use.
Withdrawal
The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties.
Accounting
Property owned by a business.
Assets
What 2 teams played in the first Super Bowl?
Packers and Chiefs
Amount a business must pay in the future.
Accounts Payable
A financial event that changes the resources of a firm.
Business Transaction
An owner's financial interest in a company.
Equity
An outflow of cash, use of other assets, or incurring liability.
Expense
Who is the greatest boy band of all time?
Backstreet Boys
Financial Interest in a business; equity.
Capital
An inflow of on money or other assets that results from the sales of goods or services or from the use of money or property, also called income.
Revenue
What does CPA stand for?
Certified Public Accountant
The financial interest of the owner of a business; also called proprietorship or net worth.
Owner's Equity
What is the longest river in the world?
Amazon
Periodic reports of a firm's financial position or operating results.
Financial Statements
A formal report of changes that occured in the owner's financial interest during a reporting period.
Statement of Owner's Equity
Claims for future collection from customers.
Accounts Receivable
A formal report of business operations covering a specified period of time; also called a profit and loss statement or a statement of income and expenses.
Income Statement
What is the most populated city in the world?
Tokyo
A formal report of a business's financial condition on a certain date; reports the assets, liabilities, and the owner's equity of the business.
Balance Sheet
An arrangement t oallow payment at a later date; also called a charge account or open-account credit.
On Account
What are the two postings if a company buys $44,000 of new equipment and pays with credit?
+$44,000 Equipment and +$44,000 Accounts Payable
A business entity owned by two or more people who carry on a business for a profit and who are legally responsible for the debts and taxes of a business.
Partnership
What color was Oscar the Grouch before he became blue?
Orange