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Individuals that manage all the financial data of a company.
Assets, liabilities, and shareholders' equity are the main accounts in a financial statement called....
What is the balance sheet?
The income statement shows a company's performance for a certain duration in time, usually from Jan-Dec, this is called....
What is a company's fiscal year?
Expenses that have been incurred but not yet paid.
What are accrued expenses?
Sales, services income, and interest earnings.
What is revenue?
Companies can choose between these two basic accounting methods.
What are accrual basis and cash basis of accounting?
Everything a company owns whether it be cash, inventory, buildings, equipment, or automobiles.
What are assets?
Whenever a company records a transaction, three key financial components must always be in balance.
All closing entries at the end of the accounting period are recorded in here.
What is the Journal?
Salaries and wages, utilities, supplies, repairs, rent, office, insurance, advertising.
What are expenses?
Basis of accounting that records transactions only when cash is actually received or paid.
What is cash basis of accounting?
Everything a company owes to others at a future date such as bank loans, vendor bills, etc.
What are liabilities?
This is the accounting equation.
What is Assets=Liabilities+Equity?
Name the five types of journals.
What are the Sales journal, Purchase journal, Cash Receipts journal, General journal, and Cash Disbursement journal?
Capital, withdrawals.
What are Net Worth?
The five main general accounts used to keep track of financial transactions.
What are assets, liabilities, shareholders equity, revenue, and expense.
The two main accounts seen in the income.
What are revenue and expense accounts?
These entries are made at the end of the month or accounting period.
A listing of accounts in a financial system generally using numeric or alpha numeric characters to designate the transactions that comprise the balance.
What is the Chart of Accounts?
Credit means ___ always.
What is right?
This type of accounting requires the use of two or more accounts for each transaction.
What is double entry accounting?
What does GAAP stand for?
What is Generally Accepted Accounting Principles?
Four types of legal structures for business.
What are Sole Proprietorship, General Partnership, Limited Liability Company (LLC), and Corporation?
Separate the statement of cash flows, (money in and money out), into three categories.
What are operating activities, investing activities, and financing activities.
Debit means ___ always.
What is left?