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actg exam 1 vocab
actg vocab
9
Accounting
Undergraduate 2
01/31/2011

Additional Accounting Flashcards

 


 

Cards

Term
Balance Sheet
Definition
A financial statement that presents the financial position of the company on a particular date.
Term
Income Statement
Definition
A financial statement that reports the company's revenues and expenses over an interval of time.
Term
Statement of Stockholder's Equity
Definition
A financial statement that summarizes the changes in stockholder's equity over an interval of tim.e
Term
Statement of Cash Flows
Definition
A financial statement that measures activities involving cash receipts and cash payments over an interval of time.
Term
Revenue Recognition Principle
Definition
Record revenue in the period in which it's earned. --> when a cruise ship sails
Term
Matching Principle
Definition
Recognize expenses in the same period as the revenues they help to generate
Term
Debit
Definition
An increase in accounts on the lefts side of the accounting equation - assets.
Term
Credit
Definition
An increase in liabilities and stockholder's equity.
Term
Accrual Accounting
Definition
Record revenues when earned and expenses with related revenues.
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