Tema 2: Analyzing Transactions into Debit and Credit Parts

The flashcards below were created by user inesur on FreezingBlue Flashcards.

  1. Account Title
    The name given to an account
  2. Account Balance
    The amount in an account
  3. Accounting Equation
    An equation showing the relationship among assets, liabilities, and owner's equity
  4. Equities
    Financial rights to the assets of a business
  5. Capital
    The account used to summarize the owner's equity in a business
  6. Revenue
    An increase in owner's equity resulting from the operation of a business
  7. Expense
    A decrease in owner's equity resulting from the operation of a business
  8. Asset
    Anything of value that is owned by a business
  9. Owner's Equity
    The amount remaining after the value of all liabilities is subtracted from the value of all assets
  10. Current Assets
    Cash and other assets expected to be exchanged for cash or cunsumed within a year
  11. Current Liabilities
    Liabilities due within a short time, usually within a year
  12. Earnings per Share
    The amount of net income after federal income tax belonging to a single share of stock
  13. Long- term Liabilities
    Liabilities owed for more than a year
  14. Net Sales
    Total sales less sales discount and sales returns and allowances
  15. Statement of Stockholders' Equity
    A financial statement that shows changes in a corporation's ownership for a fiscal period
  16. Proprietorship
    A business owned by one person
  17. Sale on Account
    A sale for which cash will be received at a later date
  18. Service Business
    A business that performs an activity for a fee
  19. Transaction
    A business activity that changes assets, liabilities, or owner's equity
  20. Withdrawals
    Assets taken out of a business for the owner's personal use
  21. Chart of Accounts
    A list of accounts used by a business
  22. Credit
    An amount recorded on the right sie of a T account
  23. Debit
    An amount recorded on the left side of a T account
  24. Normal Balance
    The side of the account that is increased
  25. T Account
    An accounting divice used to analyze transactions
Card Set:
Tema 2: Analyzing Transactions into Debit and Credit Parts
2013-01-30 14:55:40

Show Answers: