Shared Flashcard Set

Details

Accounting 1
Ch 1-4
22
Accounting
Undergraduate 1
09/30/2008

Additional Accounting Flashcards

 


 

Cards

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
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