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Equity
Liability
Elements of an Accounting System
Financial Statements
Types of Transactions
100
The generic term for common equity securities.
What is stocks?
100
Legal bound obligation to pay debts.
What is legal liability?
100
Economic event that under the generally accepted accounting principles affects the financial statements.
What is a transaction?
100
A summary of the revenue and expenses for a specific period of time.
What is the income statement?
100
Retained earnings that increase stockholder's equity.
What is revenues?
200
The difference between the market value and unpaid mortgage balance on a home.
What is home equity?
200
Part of the law of tort which focuses on civil wrongs.
What is public liability?
200
Determines what, when, and the amount that should be recorded.
What are rules?
200
A list of the assets, liabilities, and owner's equity as of a specific date.
What is a balance sheet?
200
Stockholder's equity is decreased by these paid to stockholders.
What are dividends?
300
Stock in a privately held company.
What is private equity?
300
Current obligation of an entity arising from past transactions or events.
What is liability?
300
These determine whether errors may have arisen in the recording process.
What are controls?
300
A summary of the changes in the retained earnings of a corporation for a specific period of time.
What is a retained earnings statement?
300
This is the change in retained earnings for a period.
What is net income minus dividends?
400
An accounting term referring to the consolidated or unconsolidated ownership in affiliate companies.
What is equity in income of affiliates?
400
Liabilities with a future benefit over one year.
What is long term liabilities?
400
The Framework for preparing the financial statements.
What is Assets= Liabilities + Stockholders' Equity?
400
A summary of cash receipts and cash payments for a specific period of time.
What is a statement of cash flows?
400
The stockholders' equity is increased by this.
What is capital stock?
500
Fairness and justice in health and healthcare.
What is health equity?
500
Liability which is incurred for goods and services supplied or expenses incurred.
What is trade liability?
500
The basic elements rules, framework, and controls.
What is a financial accounting system?
500
The two sides of the accounting equation.
What is statement of cash flows and income statement?
500
The income statement is linked to the balance sheet through these.
What are revenues and expenses?