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Financial Statements
Accounts
Terms that start with "C"
Terms that start with "P"
Miscellaneous
100
A financial statement that reports assets, liabilities, and owner's equity.
What is a balance sheet?
100
Anything owned of value.
What is an asset?
100
The balance on the right side of a "T" account.
What is a credit?
100
A business in which 2 or more persons combine their assets and skills.
What is a partnership?
100
Assets=Liabilities+Owner's Equity
What is the accounting equation?
200
An accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a worksheet?
200
The value of all liabilities subtracted from all the assets.
What is owner's equity?
200
Account used to summarize owner's equity.
What is capital?
200
Total amount earned by all employees for a pay period.
What is payroll?
300
A financial statement that shows the revenue and expenses for a fiscal period.
What is an income statement?
300
Amount owed by a business.
What is a liability?
300
Business form ordering a bank to pay cash?
What is a check?
300
Amount of cash kept on hand and used for making small payments.
What is petty cash?
400
A financial statement that summarizes the changes in owner's equity.
What is an owner's equity statement?
400
Increase in owner's equity.
What is revenue?
400
List of accounts used by a business.
What is a chart of accounts?
500
A trial balance prepared after the closing entries are posted.
What is post-closing trial balance?
500
Decrease in owner's equity.
What is an expense?
500
Price a business pays for goods it purchases.
What is cost of merchandise?