Accounting Unit 1

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Author:
andreabyerly
ID:
101508
Filename:
Accounting Unit 1
Updated:
2011-09-13 18:08:49
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Accounting Unit
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Description:
Accounting Unit 1
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  1. 3 GAAP
    • Revenue Recognition Principle
    • Matching Principle
    • Fee Disclosure Principle
  2. Revenue Recognition Principle
    Record Revenue when the work is completed
  3. Matching Principle
    Records expenses when used
  4. Income Statement
    Revenue - Expenses = Net income
  5. Statement of Changes in Owner's Equity
    • Beginning capital
    • + investments by owners
    • = net income
    • -withdrawals by owner
    • -net loss
    • =ending capital
  6. Balance Sheet
    Assets = Liabilities + Owner's Equity
  7. Debit
    Left
  8. Credit
    Right
  9. Asset
    something a company owns that has future exonomic value
  10. Liability
    • something a company owes.
    • - money
    • - service
    • - product
  11. money
    payable
  12. service
    unearned
  13. product
    unearned
  14. Revenue
    Work. Increases owner's equity.
  15. expense
    cost of doing work
  16. Debits are...
    • AWEsome
    • Increase Assets, Withdrawals, Expenses
  17. Return on total assets
    Net income/average total assets
  18. Return of total assets provides...
    information about a company's efficiency in using its assets
  19. debt ratio
    total liabilities/total assets

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