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Accounting CH 1/2

TermDefinition
Basic Accounting Equation Assets= Liabilities + stockholder equity
Assets Resources owned by the business
Liabilities Creditors claims against the assets of the buisness
Stockholders Equity The owners claim to the assets of the business
Revenues Gross increase in owner's equity resulting from business activities entered into for the purpose of earning income
Expenses The cost of assets consumed or services used in the process of earning revenue
Dividends Distribution of earnings to stockholders
Common Stock Shares of ownership distributed to investors by corporation
Retained Earnings The stockholder's equity created from business operations through revenue towards expense transactions
Balance Sheet Reports the assets, liabilities, and stockholder's equity at a specific date
Income Statement Presents the revenues and expenses and resulting net income or loss of a specific period of time
Statement of cash flows Summarizes information about the cash inflows (receipts) and cash outflows (Payments) for a specific period of time
Retained earnings statement Summarizes the changes in retained earnings (income/loss and dividends) for a specific period of time
Historical cost principle A company should record assets at their costs
Measurement principle Determines the amount that will be recorded and reported
Revenue recognition principle When performance obligation is satisfied
Expense recognition principle A company should record expenses incurred in earning revenue in the same period as the related revenue
Accrual basis of accounting Recognize revenues and expenses when cash is exchanged between two parties
Cash basis of accounting Recognize revenues and expenses when cash is exchanged between two parties
Created by: Kenleybagby
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