Term
| resources owned by a business (EX: cash, supplies, land) |
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Definition
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Term
TRUE OR FALSE:
Liabilities are shown before owner’s equity because they have first rights to the assets |
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Definition
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Term
| An economic event or condition that directly changes an entity’s financial condition or its results of operations |
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Definition
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Term
| serves as the basic foundation for the accounting systems of all companies. |
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Definition
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Term
| An economic event or condition that directly changes an entity’s financial condition or its results of operations |
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Definition
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Term
T OR F:
A change in a business’ credit rating directly affectS cash or any other asset, liability, or owner’s equity amount |
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Definition
| fALSE; IT DOES NOT DIRECTLY AFFECT |
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Term
TRUE OR FALSE:
Most business transactions can be stated in terms of changes in the elements of the accounting equation |
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Definition
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Term
T OR F:
The owner’s personal assets should be excluded from the balance sheet |
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Definition
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Term
| new amounts; amount present in the financial repository |
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Definition
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Term
| a transaction where you purchase stuff and agree to pay it in the future |
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Definition
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Term
| the liability created by a purchase on account |
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Definition
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Term
| items such as supplies that will be used in the business in the future (are assets) |
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Definition
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Term
| are short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. |
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Definition
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Term
| Is an asset on a balance sheet that results from a business making advanced payments for goods or services to be received in the future. |
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Definition
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Term
| money earned for rendering products/services to its customers |
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Definition
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Term
T OR F
revenue is expenses generated from normal business operations |
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Definition
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Term
| revenue from providing services |
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Definition
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Term
| revenue from the sale of merchandise |
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Definition
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Term
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Definition
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Term
| is generated from a company's core business operations, and is typically the area where a company earns most of its income. |
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Definition
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