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Classification of Accounts
Account Title, Account Classification, Financial Statement
30
Accounting
Undergraduate 1
09/21/2008

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Cards

Term
Accounts Payable
Definition
Current liability
Balance sheet
Term
Accounts Receivable
Definition
Current asset
Balance sheet
Term
Accumulated Depreciation
Definition
Fixed asset
Balance sheet
Term
Advertising Expense
Definition
Operating expense
Income statement
Term
Bonds payable
Definition
Long term liability
Balance sheet
Term
Building
Definition
Fixed asset
Balance sheet
Term
Capital Stock
Definition
Stockholder's equity
Balance sheet
Term
Cash
Definition
Current asset
Balance sheet
Term
Dividends
Definition
Stockholders' equity
Retained earnings statement
Term
Cost of merchandise (goods) sold
Definition
Cost of merchandise
Income statement
Term
Wages Expense
Definition
Operating expense
Income statement
Term
Rent expense
Definition
Operating expense
Income statement
Term
Utilities expense
Definition
Operating expense
Income statement
Term
Land
Definition
Fixed asset
Balance sheet
Term
Retained earning
Definition
Stockholders' equity
Balance sheet/Retained earning statement
Term
Supplies
Definition
Current asset
Balance sheet
Term
Inventory
Definition
Current asset
Balance sheet
Term
Equipment
Definition
Fixed asset
Balance sheet
Term
Income tax payable
Definition
Current liability
Balance sheet
Term
Goodwill
Definition
Intangible asset
Balance sheet
Term
Investment in bonds/stocks/subsidiaries
Definition
Investment
Balance sheet
Term
Sales/Fees earned
Definition
Revenue from sales
Income statement
Term
Income statement includes
Definition
Fees earned - operating expenses (listed) = net income
Term
Retained earnings statement
Definition
retained earnings + net income - dividends = current retained earnings
Term
Balance sheet
Definition
Assets = Liabilities + Stockholder's Equity (Capital Stock and Retained Earnings)
Term
Statement of cash flows
Definition
Cash flow from operating activities (cash received from customers - cash used for expenses)
Cash flows from investing activities (acquisition of land, equipment, etc)
Cash flows from financing activities (sale of stock, from notes payable, minus dividends)
Net increase in cash
Term
Deferred Expenses
Definition
Expenses paid in advance but not yet incurred. Deferred expenses are in fact an asset because it stands as prepaid expenses. (Prepaid insurance, prepaid advertising, supplies)
Term
Accrued Expenses
Definition
Expenses already incurred but still unpaid. Accrued expenses are in fact a liability because it stands as unpaid expenses. (Accrued interest on notes payable, accrued utility expenses and taxes)
Term
Accrued revenues
Definition
Revenues that have been earned but have not been recorded in the accounts. (Fees for services provided but not billed to the client at end of period)
Term
Deferred revenues
Definition
Revenue is recognized after cash is paid. (Tuition received in advance from a school. Subscription fees received in advance by magazine.)
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