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Key Terms
Assets, Liabilities, and Owner's Equity
Assets, Liabilities, and Owner's Equity
Continued
Balance Sheet
&
Income Statements
Misc
100
journal
What is the key term denoted the book of original entry in accounting?
100
assets=liabilities + owner's equity
What is the basic accounting equation?
100
entered on the right side of an account (debit or credit)
What is credit?
100
recorded on a balance sheet
What is assets, liabilities, and owner's equity?
100
term that means expenses are greater than revenue
What is net loss?
200
double-entry accounting system
What is the key term given when each transaction affects two or more than two accounts?
200
liabilities
What is the parts of a business that is owed?
200
the effect of dividends on stockholder's equity
What is decreases?
200
recorded on income statement
What is revenue and expenses?
200
key term for called entering transaction in a journal
What is journalizing?
300
normal balance
What is the key term given for the side that increases each individual account?
300
common stock categorized as? (asset, liability, or owner's equity)
What is owner's equity?
300
the classes favorite subject
What is accounting?
300
determined by an income statement
What is net income?
300
the statement that makes sure debits = credits?
What is trial balance?
400
trial balance
What is the term for a list of accounts and their balances at a given time?
400
the normal balance of an asset account
What is debit?
400
the most common form of a distribution to owners
What is cash?
400
financial statement for a specific date
What is balance sheet?
400
FREE POINTS
FREE POINTS
500
posting
What is the key term of transferring of journal entries to the ledger accounts?
500
the balance when the credits exceed the amount of debits
What is credit balance?
500
the subdivision of owner's equity that is missing out of: common stock, dividends, revenues, expenses
What is retained earnings?
500
balance sheet is trying to prove
What is assets = liabilities + owner's equity?
500
the three activities of accounting
What is identify, record, communicate?