Show:
Introduction
A, L & OE
Balance Sheet
Miscellaneous
100
Area of accounting aimed at serving external users
What is financial accounting?
100
These are items owned that have monetary value
What are assets?
100
These 3 items are found at the very top of the balance sheet (in order).
What are 1) Name of business, 2) Name of the financial statement and 3) Statement date?
100
Shows the company's revenues and expenses
What is the income statement?
200
Managerial Accounting is aimed to provide information for
Who are internal users.
200
A = L + OE
What is the Accounting Equation?
200
The main owner's equity account
What is capital?
200
The effect on equity when an owner withdraws cash from the business
What is decreases?
300
The three legal forms a business may take
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
300
This is the difference between total assets and total liabilities.
What is Owner's Equity?
300
Accounts Receivable is classified on the Balance Sheet as
What is an asset?
300

Accounts Payable: Money Owed by a company to its creditors.

What is a liabilities?

400
This involves testing business records and procedures for accuracy.
What is auditing?
400
Account on the balance sheet that represents the amount owed for purchasing supplies on credit
What is Accounts Payable?
400

A balance sheet is prepared to in order to show this.

What is financial position?

400
The effect on assets when a company receives cash on their accounts receivable.
What is no effect? One assets (cash) goes up and another asset (A/R) decreases.