Income Statement
Debits and Credits
Formulas
Balance Sheet
Miscellaneous
100

the amounts a business charges its customers when it provides goods or services is a ____ for the buisness.

What is Revenue

100
You pay $2500 cash to purchase equipment
Debit: equipment $2500 Credit: cash $2500
100
revenues - expenses = net income
What is net income formula
100

amounts owed by a business is a...

What is liabilities

100

What are the three forms of Business?

What is a sole proprietorship, a partnership, and corporation.

200

The cost of operating the business, incurred to generate revenues in the period covered by the income statement 

What is expenses

200
Borrowed $50,000 from a bank
Debit: cash $50,000 Credit: note payable $50,000
200

assets = liabilities + stockholders equity

What is Accounting Equation/Formula

200

The amount invested in a company by its stockholders goes in which category? 

What is stockholders equity

200
a system of analyzing, recording, and summarizing the results of a business activities and then reporting the results to decision makers
What is accounting
300

Revenues should be recognized when the performance obligation is satisfied. 

What is the revenue recognition principle

300
Purchased $20,000 in equipment, paying $16,000 in cash and the rest on account
debit: equipment $20,000 credit: cash $16,000, account payable $4,000
300

Current Assets - Current Liabilities

What is Working Capital. 

300

Current Assets, Long-term Investments, PPE, Intangible Assets, Current Liabilities, Long-term Liabilities, & Stockholders' Equity are all on what? 

What is the Classified Balance Sheet.

300

income statement, statement of retained earnings, balance sheet, statement of cash flows are knows as...

What are the 4 financial statements

400
a liability representing a company's obligation to provide goods or services to customers in the future
What is unearned revenue
400
You provided service to customers for $15,000
debit: cash $15,000 credit: service revenue $15,000
400
current assets/ current liabilities
What is current ratio
400
an event or activity that has a direct and measurable financial effect on the assets, liabilities, or stockholders equity of a business
What is a transaction
400

GAAP stands for what?

Generally accepted accounting principles

500
the long life of a company is divided into shorter periods such as months, quarters and years
What is time period assumption
500

You issued common stock in exchange for $10,000 cash. 

debit: cash $10,000 credit: Common Stock $10,000

500
total liabilities/ total stockholders equity
What is debt to equity ratio
500
a simplified version of a ledger account used for summarizing the effects of journal entries
What is a t-account
500

IFRS stands for what?

International Financial Reporting Standards

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