Financial Statements
Assets, Liabilities, and Owner's Equity
Terms
Transactions
Miscellaneous
100
Recorded on Income Statement
Revenue and Expenses
100
Common Stock is categorized as? (asset, liability, or owner's equity)
What is Owner's Equity?
100
The classes favorite subject
What is Accounting?
100
These two accounts are affected when a business pays $200 cash for supplies.
What are Cash and Supplies?
100
The effects of dividends on stockholders' equity
Decreases
200
A list of assets, liabilities, and stockholders' equity as of a specific date
What is a Balance Sheet?
200
An asset, money which the company will receive from its customers who have purchased its goods and services on credit.
What is Accounts Receivable?
200
Determined by an income statement
What is net income?
200
These two accounts are affected when an owner invests $4000 in a business.
What are Cash and Capital?
200
A business owned by one person
What is a Proprietorship?
300
Report of the changes in Equity for a specific period of time
What is the Statement of Stockholders' Equity?
300
What is an Asset?
Resources owned by a business
300
Financial statement for a specific date
What is balance sheet?
300
These two accounts are affected when a business pays $230 for a 6 month insurance policy.
What are Cash and Prepaid Insurance.
300
An increase in owner's equity resulting from the operation of a business
What is Revenue?
400
The statement of cash flow consist of three activities:
What is Operating activities, Investing activities and financing activities?
400
The rights of creditors are the debts of the business.
What is a Liability?
400
Term that means expenses are greater than revenue
What is net loss?
400
These two accounts are affected when a business purchases supplies from another company on account.
What are Supplies and Accounts Payable.
400
The principles which Accounting practices are based on is called this.
What is GAAP?
500
What is the basic Accounting Equation?
Assets = Liabilities + Owner's Equity
500
The normal balance of an asset account
What is debit?
500
Assets taken out of a business for personal use
What are withdrawals?
500
These two accounts are affected when the owner collects $300 for a treadmill that he sold from his home gym.
There are NO ACCOUNTS affected.
500
What is a decrease in Owner's Equity called?
EXPENSE