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Key Terms
Assets, Liabilities, and Owner's Equity
Assets, Liabilities, and Owner's Equity
Continued
Balance Sheet
&
Income Statements
Miscellaneous
100

what is a journal

Record of financial transactions in order by date

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

contains the data significant to a single business transaction, including the date, the amount to be credited and debited, a brief description of the transaction, and the accounts affected.

What is a Journal Entry?

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

A normal balance is the expectation that a particular type of account will have either a debit or a credit balance based on its classification within the chart of accounts.

300
common stock categorized as? (asset, liability, or owner's equity)
What is owner's equity?
300

What is the difference between Accounts Payable and Accounts Receivable?

Accounts Payable is a Liability account while Accounts Receivable is an Asset account.

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

What is the 3 components of the fraud triangle

Opportunity, Rationalization, and Pressure

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?