Show:
Definitions
Application ?s
Formulas
Where is it?
Miscellaneous
100
Resources with future economic benefits owned or controlled by a business.
What is Assets
100
The payment of a liability (inc/dec) assets & (inc/dec) liabilities.
What is decreases assets and decreases liability.
100
Accounting Equation
What is Assets = Liabilities + Stockholder's Equity
100
Assets are found on what statement?
What is Balance Sheet
100
Which Financial Statement is normally prepared first?
What is the Income Statement.
200
Income earned front he sale of goods or services?
What is Revenue.
200
Reema Inc. provided $12000 services on account. What do we debit?
What is Debit Accounts Receivable
200
Retained Earnings
What is Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings
200
Net Income is found on what statement(s)?
What is Income Statement & Statement of Retained Earnings.
200
Under accrual accounting, revenue is normally recognized when ____?
When Revenue is earned.
300
Difference between what is earned and the costs incurred during the period.
What is Net Income
300
Reema Inc. borrows $50000 from its bank. It issues a promissory note for that amount. What's the debit and credit to?
What is Dr. Cash $50000 ; Cr. Notes Payable $50000
300
Assets - Liabilities =
What is Stockholder's Equity
300
Under what account on the Balance Sheet does Notes Payable fall under?
What is Liability
300
Current assets are listed on the balance sheet in order of what?
What is Liquidity.
400
The portion of Stockholder's Equity that results from receiving cash from investors
What is Contributed Capital
400
Reema Inc. has $100 in Noncurrent Assets, $500 in Current Assets, $300 in Long-Term Liability, and $500 in Current Liability. What is Reema Inc.'s Debt to Asset Ratio.
What is 4/3 or 1.333
400
Working Capital
What is Current Assets - Current Liabilities
400
What 3 steps make up the systematic accounting process?
What is Analyze, Record, and Summarize
400
___ sets standards for many countries outside of the U.S.
What is IASB
500
The ability to easily evaluate one company's results relative to another.
What is Comparability.
500
Al's Lawncare provides weekly lawn care services. Al usually sends out a bill during the first few days of the month for lawn care services provided the previous month. When Al provides can lawn care service, what should he debit & credit?
What is Dr. Accounts Receivable ; Cr. Lawn Care Revenue
500
Debt to Asset Ratio
What is Total Debt/ Total Assets
500
What Real Account does Prepaid Rent fall under?
What is Asset
500
Agreed upon rules which most US companies use in preparing financial statements.
What is GAAP.