Accounting 1
It is anything a company owns.
What is an asset?
Any assets left over after deducting all liabilities.
What is Equity?
What is Liability?
Another term for income.
What is revenue?
It is on the right side of the T account.
What is Credit?
The cost of consuming assets.
What is expense?
The accounts to use when they agree to pay you later
Accounts Receivable
Full meaning of GAAP.
What is Generally Accepted Accounting Principles?
The basic accounting equation formula.
What is Assets = Liabilities + Equity?
The account to use when agreeing to pay them later
Accounts Payable
List of all accounts a business uses
What is Chart of accounts
This begins with the analysis of transactions.
What is Accounting Cycle?
This refers to an entry on the left side of an account ledger.
What is Debit?
Shows how a company’s assets, liabilities, and equity are related and how a change in one typically results in a change to another.
What is Accounting Equation?
Something accounts are grouped in
What is a Ledger
The effect on cash when purchasing supplies.
What is Decrease?
Recording an expected good or service in the month it was performed or received but not invoiced.
What is an accrual.
The journal entry of purchasing of an equipment using cash.
What is Debit Equipment, Credit Cash?
It is a normal balance of equity.
What is Credit?
When goods or services are exchanged for money or money's worth.
What is Transaction?