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Key Terms
Assets, Liabilities, and Owner's Equity
Assets, Liabilities, and Owner's Equity
Continued
Balance Sheet
&
Income Statements Next Chapter!
Miscellaneous
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 revenue is greater than expenses

What is net gains or profit?

200

double-entry accounting system

What is when debits equal credits?

200

liabilities

What is the parts of a business that is owed to another party?

200

the effect of investing in a business

What is Owner's Equity/Capital increases?

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 or anything Mr. Walker teaches?

300
determined by an income statement
What is net income?
300

This is Mr. Walker's town in Australia.

What is Ryde New South Wales?

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 an asset, the account we use the most.

What is cash?

400

financial statement for a specific date

What is balance sheet or net worth statement?

400

The name of Mr. Walker's room mate.

Who is Icarus the cat?

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 title of the capital account used when the owner of a sole proprietorship pays themselves?

What is drawing?

500
balance sheet is trying to prove
What is assets = liabilities + owner's equity?
500

Mr. Walker's favourite baseball team.

Who are the New York Mets?