The money you brought in from selling a product or service.
What is Sales
100
The language of business
What is Accounting
100
The accounting equation
What is Assets = Liabilities + Owners Equity
100
Decreases Earnings
What is Expenses
200
Notes Payable
What is a signed IOU
200
"The bottom line"
What is Profit or Earnings
200
Cash is.....
What is money in the till or bank
200
Unit Cost
What is Cost of Production / # of Units = Unit Cost
200
Bankers, Venders, your Parents fall under which category on the balance sheet?
What is Liabilities
300
Assets
What is something of value in MONEY terms
300
A charge for borrowing something that is not your own.
What is Rent
300
This is the part of the assets that the owner has claims to after all the liabilities are paid off.
What is Owner's Equity
300
Sales - Cost of Goods Sold =
What is Gross Profit or Earnings
300
Partners, Proprietors, Stockholders fall under which category of the balance sheet?
What is Owner's Equity
400
Shows assets, liabilities and owners equity at a given moment in time
What is a Balance Sheet
400
Debts and accounts that are payable
What is Liabilites
400
Inventory at the beginning of the accounting period, plus new inventory purchases, plus labor and other associated production costs, minus inventory at the end of the accounting period.
What is Cost of Goods Sold
400
Equipment, Inventory, Cash fall under which category of the balance sheet?
What is Assets
500
The COST of doing business
What is Expences
500
Inventory is....
What is raw materials, goods in process, and finished products.
500
The number 1 rule in accouting
What is the "left side always equals the right side." It must always balance!