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Corporations and Capital
Business Transactions
Revenue and Expense Transactions
The Chart of Accounts
The Accounting Cycle
100
Double Taxation No sole responsibility Additional Paperwork
What are the disadvantages of owning a corporation?
100
An economic event that causes a change a change in assets, liabilities, or owner's equity
What is business transactions
100
Income earned from the sale of goods or services.
What is Revenue
100
Accountants use ______ system to analyze and record a transaction.
What is double-entry accounting
100
Lists specific information about a business transaction involving the buying or selling an item on account.
What is Invoice
200
Limited Liability Ability to raise capital Lack of mutal agency
Advantages of a Corporation
200
A subdivision under assets, liabilities, or owners equity.
What is an account
200
The cost of products or services used to operate a business.
What is Expense
200
An entry on the left side of an account
What is debit
200
A record of cash received by a business.
What is Receipt
300
The amount of earnings the corporation has retained, that is the earnings not paid out in dividends.
What is Retained Earnings?
300
The total amount of money owed to a business
What is Accounts Receivable
300
When a business owner takes cash or other assets from the business for personal use
What is Withdrawal
300
An entry on the right side of an account
What is credit
300
A brief written message that describes a transaction that takes place within a business.
What is Memorandum
400
The corporation's own stock that it has reacquired.
What is Treasury stock?
400
Liabilities + Owners Equity = ......
What is Assets
400
Office Equipment is a(n) ______ account?
What is asset
400
This tool for double-entry accounting shows the dollar increase or decrease in an account that is caused by a transaction.
What is a T-Account
400
Lists the same information that appears on a check: date written, the person the check was written for, and the amount of the check.
What is Check Stub
500
Right to vote, right to receive dividends, right to share in distribution of assets, preemptive right
What are stockholder rights?
500
The amount owed, or payable, to the creditors of a business.
What is Accounts Payable
500
Revenue increases assets and _______
What is owners equity
500
A list of all accounts used by a business.
What is a chart of accounts
500
The accounting period of a business is seperated into activities, this is called the.....
What is Accounting Cycle