Details Title: Accounting Ch 1-3 Description: Flash Cards for Accounting Total Flash Cards: 16 Created: 09/27/2009 22:54:42		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 Assets Definition Debit Term Contra asset Definition Credit Term Liability Definition Credit Term Contra liability Definition Debit Term Owner's Equity Definition Credit Term Stockholders' Equity Definition Credit Term Depretiation Definition Is a Contra Asset Term Owner's Equity Definition Credit Term Expenses Definition Debit Term Accounting Equation Definition Assets=Liabilities+Owners Equity Term What does GAAP stand for? Definition Generally Accepted Accounting Principles Term Matching Principle Definition The costs incurred in that period should be matched against the revenue generated in the same period. Term What is on the right side of the General Ledger? Definition Credit Term What is on the Left side of the General Journal? Definition Debit Term Cash Method of Accounting Definition An accounting event is recorded only when cash is recieved. Term Accrued Method of Accounting Definition An event is recorded when the work is preformed.