Term
|
Definition
| assets= liabilities + owners equity |
|
|
Term
|
Definition
| are resources a business owns |
|
|
Term
|
Definition
| are claims against assets |
|
|
Term
| Type of assets Accounts payable |
|
Definition
| an order placed on credit |
|
|
Term
| type of assets Notes payable |
|
Definition
|
|
Term
| type of assets Salaries and Wages |
|
Definition
|
|
Term
|
Definition
| owners claim to total assets |
|
|
Term
|
Definition
| assets the owner puts into a business |
|
|
Term
| owners investments and revenue do what to owners equity ? |
|
Definition
|
|
Term
|
Definition
| gross increase in owners equity resulting from business activities entered into for the purpose of earning income |
|
|
Term
| decrease in owners equity |
|
Definition
| in a propietorship owners drawings and expenses decrease owners equity |
|
|
Term
|
Definition
| when an owner withdraws money for personal use. Drawings decrease owners equity |
|
|
Term
|
Definition
| are the costs of assest consumed or services used in the process of earning revenues . Decrease in owners equity that result from operating the business. |
|
|
Term
|
Definition
| Assets= Liabilities + owners capital - owners drawings revenues - expenses |
|
|
Term
| Basica Analysis The asset cash increases 15 grand and owners equity ( Idenities as owners capital ) Increases 15 grand |
|
Definition
| assets 15,000= Liabailities 0 + Owners equity + 15000 |
|
|
Term
| Owners drawings are Expenses . T OR F |
|
Definition
|
|
Term
| what is on an income statement |
|
Definition
| presents revenues and expenses and resulting net income or net loss for a specific period of time |
|
|
Term
| what is on an owners equity statment |
|
Definition
| summarizes the changes in owners equity for a specific date |
|
|
Term
| what is on a balance sheet |
|
Definition
| reports the assets liabilities and owners equity at a specific date |
|
|
Term
| what is on a statement cash flows |
|
Definition
| summarizes information about the cash inflows ( Receipts) and outflows ( payments) for a specific period of time. |
|
|
Term
|
Definition
| when owners revenues exceed expenses |
|
|
Term
|
Definition
| when owners expesnes exceed revenues. |
|
|
Term
Debit is on the right
credit is on the left T OR F |
|
Definition
|
|
Term
| in accounts form we record the increase in cash as debits and the decrease in cash as credits T OR F |
|
Definition
|
|
Term
| What do debits do to assets and liabilities |
|
Definition
| Increase assets and Decrease liabilities |
|
|
Term
| what do credits do to assets and liabilties |
|
Definition
| decrease assets and increase liabilities |
|
|
Term
| what do debits do to revenues and expenses |
|
Definition
| decrease revenues and increase expenses |
|
|
Term
| what do credits do to revenues and expenses |
|
Definition
| increase reveneues and decrease expeneses. |
|
|
Term
| credits to revenue accounts should _______ debits |
|
Definition
|
|
Term
| Debits to expense accounts should _______ credits |
|
Definition
|
|
Term
| Debits and credits do what to assets |
|
Definition
| Debits Increase Credits Decrease |
|
|
Term
| Debits and credits do what to liabilities |
|
Definition
| Debits decrease credits increase |
|
|
Term
| Debits and credits do what to Owners Captial |
|
Definition
| Debits Decrease credits increase |
|
|
Term
| Debits and credits do what to owners drawings |
|
Definition
| Debits increase and Credits decrease |
|
|
Term
| Debits and credits do what to revenues |
|
Definition
| Debits decrease credits increase |
|
|
Term
| Debits and credits do what to expeneses |
|
Definition
| Debits increase and credits decrease |
|
|
Term
| what to include in a general journal |
|
Definition
| Date, Account Titles and Explinations Debits and credits ledger |
|
|
Term
|
Definition
|
|
Term
|
Definition
| assets= liabilities + owners equity |
|
|
