Balance Sheet
Income Statement
Adjustments
Financial Statements
Potpourri
100
Assets = Liabilities + Stockholders' Equity
What is The Accounting Equation?
100
Revenues less Expenses
What is Net Income?
100
Receipts for work yet to be completed
What is Unearned Income
100
Title with caption "for the period/year ended" is heading for this financial statement
What is The Income Statement
100
All financial statement are prepared in accordance with these
What is Generally Accepted Accounting Principles (GAAP)
200
Assets in the Balance Sheet are normally listed according to this order
What is in order of liquidity?
200
This Fixed Asset is never depreciated
What is Land?
200
Rent paid for a year in advance is _______
What is a Prepaid Asset?
200
Net income or Loss from the Income Statement is reflected in this statememt
What is the Statement of Retained Earnings?
200
A business that is separate from its owners or individuals managing it, is best stated under this concept
What is the Separate Entity Concept?
300
If Assets increased $5000 and Liabilities increased $7000, the Shareholders' equity would decrease by
What is $2000?
300
This cash outlay is never illustrated as an expense in the Income Statement but is directly reported in the Statement of Retained Earnings
What is Dividends?
300
Wages that will be paid in the new fiscal year are
What is Accrued?
300
Contributed Capital is a component of
What is the Statement of Retained Earnings?
300
Values for all Assets are recorded at amounts consistent under this Concept
What is the Historical Cost Concept?
400
Accumulated Depreciation is listed under Fixed Assets on the Left side (Debit) of the Balance Sheet - this type of an account is referred to as ______
What is a contra account?
400
This expense never involves an actual cash outlay but is illustrated as an expense in the Income Statement
What is Depreciation?
400
Offsetting expenses related to revenue generated is the premise of
What is the Matching Concept?
400
The caption "as of" a year or period pertains to this financial statement
What is the Balance Sheet?
400
GAAP dictates this basis of Accounting, and not the CASH basis
What is the Accrual Basis?
500
Total Assets are $120,000; Liabilities are 1/4 of assets, and Stockholders' Equity is ___________
What is $90,000?
500
A debit to "Service Revenue" would imply______
What is a decrease in Service Revenue?
500
Entries made to the Unadjusted Trial Balance that are not journalized are
What is Adjusting Entries?
500
The financial statement that summarizes a company's financial position at a given point is
What is the Cash Flow Statement?
500
A business entity that is owned by 2 or more individuals is this
What is a Partnership?
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