Term
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Definition
cash
accounts receivable
notes receivable
property, plant, equipment
(land), (bldg), (machines)
prepaid asset |
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Term
assets+expenses+dividends=
^debit/credit |
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Definition
=liabilities+C/S+revenue
debit/credit^ |
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Term
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Definition
dividends
expenses
assets
losses
assets+expenses+dividends |
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Term
| dividends are not an expense |
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Definition
| they bring down R/E and cash |
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Term
| you always have to debit and credit the same amount |
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Definition
| the arrows do not necessarily have to be opposite |
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Term
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Definition
gains
income
revenue
liabilities
S/H equity (C/S)
Liabilities+C/S+revenue |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| assets=liabilities+equity |
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Term
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Definition
beginning R/E
+Net Income
-Dividends
=Ending R/E |
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Term
| Equity (shareholders, stockholders) |
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Definition
common stock (C/S)
preferred stock (P/S)
Beginning retained earnings |
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Term
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Definition
account payable
note payable
rent payable
unearned revenue |
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Term
|
Definition
cash
accounts receivable
notes receivable
property, plant, equipment
(land), (building), (machines)
prepaid asset |
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Term
| accounts that don't have beginning balances |
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Definition
| revenues, expenses, and dividends |
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Term
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Definition
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Term
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Definition
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Term
|
Definition
| cost of goods available for sale / # units of available for sale |
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Term
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Definition
| check written by company bit has not cleared the bank |
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Term
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Definition
| company has made check, but hasn't cleared the bank system yet |
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Term
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Definition
| bad check, company must deduct from their records |
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Term
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Definition
| an addition to the company's balance |
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Term
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Definition
| a deduction from the company's balance |
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Term
| allowance for doubtful accounts |
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Definition
| estimated account that we aren't going to collect |
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Term
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Definition
| an expense we do not expect to collect |
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Term
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Definition
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Term
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Definition
| cannot be determined from the balance sheet |
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Term
| closing to income summary |
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Definition
revenue accounts are debited
expense accounts are credited |
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Term
| closing to income summary - dividends |
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Definition
account is credited
and R/E is debited |
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Term
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Definition
| has revenues and expenses listed |
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Term
| Post - closing trail balance |
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Definition
does not have revenues and expenses
only carries long term assets and liabilities |
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Term
|
Definition
physical substance
used in operation
not to sell to customers
provided service for a number of years |
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Term
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Definition
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Term
| Payroll taxes - employees |
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Definition
federal income taxes
state income taxes
FICA taxes
various other items (insurance, union dues) |
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Term
| Payroll taxes - employers |
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Definition
FICA taxes
Federal unemployment taxes
State unemployment taxes |
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Term
|
Definition
cash
A/R
N/R
property, plant, equipment
prepaid balances |
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Term
|
Definition
A/P
N/P
Rent payable
Unearned revenue |
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Term
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Definition
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Term
| bond discount amortization |
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Definition
| bond discount / # of interest periods |
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Term
| when a dividend is declared |
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Definition
| you take dividend expense for that year |
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Term
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Definition
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Term
|
Definition
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Term
|
Definition
| = stated rate x face value |
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Term
|
Definition
| market rate x carrying value |
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Term
|
Definition
borrowing money
issuing shares of stock
dividends paid |
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Term
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Definition
| purchase of resources - computers, delivery trucks, furniture, buildings |
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Term
|
Definition
revenue
inventory
A/R
expenses
NI and NL |
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Term
|
Definition
| revenue - expenses = net Income |
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Term
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Definition
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Term
|
Definition
| assets = liabilities + equity |
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Term
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Definition
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Term
|
Definition
| beginning R/E + NI - Dividends = End R/E |
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Term
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Definition
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Term
|
Definition
| cash inflow - cash outflow = net cash flow |
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Term
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Definition
| cash inflow - cash outflow |
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Term
| goods available for sale = |
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Definition
beg inventory
+ purchases |
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Term
|
Definition
goods available for sale
- ending inventory |
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Term
|
Definition
purchase price
- purchase discounts
- purchase returns
+ freight in |
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Term
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Definition
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Term
|
Definition
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Term
|
Definition
cost - salvage value
/ useful life |
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Term
|
Definition
| (cost - AD) x 2/useful life |
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Term
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Definition
cost - salvage value
/ estimated total use |
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Term
| included in cost of inventory |
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Definition
insurance in transit
freight in |
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Term
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Definition
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Term
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Definition
FOB shipping - you pay
FOB destination - they pay |
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Term
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Definition
FOB shipping - they pay
FOB destination - you pay |
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Term
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Definition
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Term
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Definition
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Term
|
Definition
| principle x rate x months/year |
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Term
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Definition
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Term
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Definition
equipment
- accumulated depreciation |
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Term
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Definition
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Term
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Definition
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Term
| prepaid rent / prepaid insurance |
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
beg inventory
+ purchases
- end inventory |
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Term
|
Definition
A/R
Sales Revenue
CGS
Inventory |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
|
Definition
Cash
Discount
Bond Payable |
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Term
|
Definition
cash
premium
bond payable |
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