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Vocab
Chp 1 Transactions
Chp 2
Transactions
Financial Statement
Miscellaneous
100
Something that you own
What is asset
100
Paid cash for supplies
What is decrease cash and increase supplies
100
Received cash from sales
What is increase in cash and increase in owner equity
100
A financial statement that reports assets, liabilities, and owner's equity
What is a balance sheet
100
Assets taken out of the business for personal use
What is withdrawal
200
Something that you owe
What is liability
200
Paid cash for insurance
What is decrease cash and increase prepaid insurance
200
Paid cash for rent
What is decrease in cash and an increase in owner equity
200
What are the 3 major sections of a balance sheet
What is assets, liabilities and owner equity
200
Double score
What is two lines drawn under totals when the sides are equal
300
the accounting equation
What is assets=liabilities+owner equity
300
Bought supplies on account
What is increase supplies and increase account payable
300
Paid cash for telephone bill
What is decrease in cash and decrease in owner equity
300
Centered at the top and the order of the lines from top to bottom
What is Heading and name of the company, balance sheet and date
300
The word that is centered on the left side of the balance sheet
What is asset
400
A busness activity that changes assets, liabilities, or owners equity
What is transaction
400
Paid cash on account
What is decrease cash and decrease account payable
400
Sold services on account
What is increase in owner equity and increase in account receivable
400
Listed on the right side of a balance sheet
What is liabilities and owner equity
400
An increase in owner equity resulting from the operation of the business
What is revenue
500
Financial rights to the assets of a business
What is equities
500
Received cash from owner as an investment
What is increase cash and increase owner equity
500
Paid cash to owner for personal use
What is decrease in cash and decrease in owner equity
500
A decrease in owner's equity resulting from the operation of a business
What is expense