Balance Sheet
The time balance sheet is created during the business cycle
When is a specific date (end of period of time)?
The time SSE is created during the business cycle
When is "period of time?"
When is "period of time?"
The type of account that expenses belong to
What is Equity?
The financial statement that expenses appear on
What is the income statement?
The Accounting Equation
What is Assets = Liabilities + Equity?
What is beginning R.E. + common stock + net income - dividends?
Net income equation
What is an asset?
The financial statement that inventory and cash appear on
What is the balance sheet?
The meaning of double entry accounting
What affects at least two accounts in the accounting equation?
The meaning of common stock
what is something that a corporation issues to its investors as proof of their ownership rights?
Another way of expressing revenue
What are sales revenue, fees earned, etc?
The type of account Accounts Payable belongs to
What is Liabilities?
The financial statement that Accounts Payable appears on
What is the balance sheet
3 examples of accounts that appear on the balance sheet
cash, A.R., A.P., etc.
the definition of dividends
what represents the distribution of earnings to stockholders?
What is first?
The type of account that Accounts Receivable belongs to
What is an asset?
The financial statement that Accounts Receivable appears/flows into
What is the Balance Sheet
The account that transactions contribute to
what is revenue?
meaning of accrual basis
what is an expense that is recognized when owed?
The goal of filling out the income statement
What is finding net income?
The type of account that dividends belongs to
What is equity?
The financial statement that dividends appears on
What is the statement of stockholder's equity