Accounts
What are Accounts?
What is an individual record that tracks certain transactions?
What are T-Accounts?
What is a simple tool that looks like a "T" to track financial transactions and account balance?
What is the Accounting Equation?
What is Assets = Liabilities + Owners Equity?
What is GAAP?
What is Generally Accepted Accounting Principles?
What is a Service Business?
What is a business that sells intangible products, or personal labor?
What is a Chart of Accounts?
What is a complete, organized list of every account in a certain company's general ledger?
What is a Debit?
What is the left side of a T-Account?
What are Assets?
What is anything that a business owns that has the potential to provide future financial benefits?
What is the Going Concern Principle?
What is a business continuing operation for at least 12 months?
What are Expenses?
What is the cost of operations or money spent to buy goods?
What is the Double-Entry System?
What is a system that affects at least two accounts and one debit and one credit?
What is a Credit?
What is the right side of a T-Account?
What are Liabilities?
What is anything that a business owes?
What is the Cost Principle?
What is recording assets at the initial cash price?
What are Financial Statements?
What is a formal written record that summarizes the overall health of a company for a specific period?
What is Normal Balance?
What is the side that will increase in an Account (Debit or Credit)?
What is Revenue?
What is the total amount of money earned from selling goods before paying expenses?
What is the Matching Principle?
What is recording expenses in the same period as related revenues?
What is an Income Statement?
What is a core financial report that show the overall profit and loss of a company for a specific period?
What is a Balance Sheet?
What is a Financial Statement that shows the company's financial position?
What is Stockholders Equity?
What is how many assets remain for Stockholders after paying Liabilities?
What is the Statement of Cash Flow?
What is recording actual cash coming in and out?