Card Set Information
terms of what defines assets, liabilities etc
money and any medium of exchange including bank account balances, paper checks, coins, certificates of deposit, checks. (Assets)
The amount that in cash that is promised for future collection following the selling of goods and services (Asset)
A note promising to pay the company. Similar to account receivable, except that note receivable is binding, and usually with an interest rate (Asset).
Merchandise, Merchandise Inventory (Asset)
Things such as insurance and rent, and supplies. Payment provides a future benefit for the business. (Asset)
Costs of company's office, manufacturing plant, etc. (Assets)
Equipment, Furniture, Fixtures
The cost of assets like Manufacturing equipment, office equipment. (Assets)
Opposite of accounts receivable. The company's promise to pay a debt arising from credit purchase of inventory or from a utility bill. (Liability)
The owner's investment in the corporation. Issued by corporations to its stockholders. Most basic form of equity. (Stockholders Equity)
Optional cash that is declared by the company to be given to its shareholders. (Stockholder's equity).
Dividends represent a decrease in Retained Earnings
The increase in stockholder's equity from delivering goods and services. Many kinds of revenue accounts (Revenues increase stockholders equity)
Cost of operating a business. (Expenses decrease stockholder's equity).