Details Title: Accounting 1 Description: Ch 1-4 Total Flash Cards: 22 Created: 09/30/2008 14:46:03		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Accounting Flashcards
Cards in this set: Term Income Statement Definition #1 for a period of time Revenue - Expenses = net income Term Retained earnings Statement Definition  begining retained earnings + net income - dividends = Ending retained earnings Term Balance Sheet Definition #3 as of one date   Assets = Liabilities + owners equity Term Cash flow Definition #4 Period of time   Operations investing financing    Term Long Term Assets Definition Land, Buildings, vehicles, equipment, less depreciation Term long term liabilities Definition notes payable bank loans payable mortgages payable Term Working Capital equation Definition Current Assets - Current Liabilities Term Current Ratio Definition Current Assets/ current liabilities Term Current Liabilities Definition Notes Payable Accounts Payable Salaries payable Unearned Revenue Interest Payable Term Free Cash Flow Definition   = Cash from Operations   -Capital Expenditures   - Cash Dividends Term Operating Activities Definition Revenues, sales, service, interest Inventory Accounts Receivable Expenses Accounts Payable Term Investing Activities Definition purchasing of those resources a compnay needs in order to operate. computers, delivery trucks, furniture and buildings. Assets.   Property Plant and equipment- mixing equipment etc. Term Financing Activites Definition Borrowing money Issuing Stock in exchange for cash bank loan notes payable bonds payable Term Assets normal balance Definition debit Term liabilities normal balance Definition credit normal bal Term Common Stock normal bal Definition credit Term retained earnings normal bal Definition credit Term Dividend normal bal Definition debit Term expenses normal bal Definition debit Term Revenues normal balance Definition credit Term Debits increase Definition Assets Term Assets Definition debits increase credit decrease