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Tema 2: Analyzing Transactions into Debit and Credit Parts
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Account Title
The name given to an account
Account Balance
The amount in an account
Accounting Equation
An equation showing the relationship among assets, liabilities, and owner's equity
Equities
Financial rights to the assets of a business
Capital
The account used to summarize the owner's equity in a business
Revenue
An increase in owner's equity resulting from the operation of a business
Expense
A decrease in owner's equity resulting from the operation of a business
Asset
Anything of value that is owned by a business
Owner's Equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets
Current Assets
Cash and other assets expected to be exchanged for cash or cunsumed within a year
Current Liabilities
Liabilities due within a short time, usually within a year
Earnings per Share
The amount of net income after federal income tax belonging to a single share of stock
Long- term Liabilities
Liabilities owed for more than a year
Net Sales
Total sales less sales discount and sales returns and allowances
Statement of Stockholders' Equity
A financial statement that shows changes in a corporation's ownership for a fiscal period
Proprietorship
A business owned by one person
Sale on Account
A sale for which cash will be received at a later date
Service Business
A business that performs an activity for a fee
Transaction
A business activity that changes assets, liabilities, or owner's equity
Withdrawals
Assets taken out of a business for the owner's personal use
Chart of Accounts
A list of accounts used by a business
Credit
An amount recorded on the right sie of a T account
Debit
An amount recorded on the left side of a T account
Normal Balance
The side of the account that is increased
T Account
An accounting divice used to analyze transactions
Author
inesur
ID
196575
Card Set
Tema 2: Analyzing Transactions into Debit and Credit Parts
Description
ines
Updated
1/30/2013, 2:55:40 PM
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