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Accounting

Chapter 1 and 2 Test

TermDefinition
ROA formula net income/total assets
Debt ratio total debts/total assets
Income Statement Date - Cash Flows - Cash + Land + Supplies+ Equipment = Notes Payable + Accts. Payable = Common Stock, Retained Earnings - Revenue - Expenses = Net Income
Four Financial Statements 1. Income statement 2. Statement of Changes in Owners Equity 3. Balance Sheet 4. Statement of changes in cash flows
D.E.A.D. Debits increase EXpenses, Assets, Dividends
What do credits increase? Liabilities, Equity, Revenue
AE Asset Exchange
AU Asset Use
AS Asset Source
OA Operating Activity
FA Financing Activity
IA Investing Activity
T Account Debits on the L, Credits on the R
If Assets/Expenses or Dividends go up what else goes up? Debits
If Liabilities, Equity or Revenue goes up, what else goes up? Credits
Matching Principle Expenses must equal revenues
Accounts Records that are kept for each asset, liability, equity, revenue, expense and dividend component of an entity
The Journal the book used to record all transactions
Journalizing To write a journal entry
Journalizing format Debits first, flush left. Credits second, indented right.
The General Ledger A record of all the accounts and their balances.
Trial Balance Trying out it your debits and credits are correct.
Created by: ArtemisDC