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ENT210 Exam 1
| Question | Answer |
|---|---|
| A corporation's equity | Stockholders' equity |
| Cumulative income less cumulative losses and dividends | Retained earnings |
| Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders | Corporation |
| Unincorporated association of two or more persons to pursue a business for profit as co-owners | Partnership |
| Business owned by one person that is not an organized as a corporation | Proprietorship |
| Persons using accounting information who are not directly involved in running the organization | External users |
| persons using accounting information who are directly involved in managing the organization | Internal users |
| accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions | Cost principle |
| financial statements that subtracts expenses from revenues to yield a net income or loss over a specified period of time | Income statement |
| financial statement that lists types and dollar amounts of assets liabilities, and equity at a specific time | Balance sheet |
| Recorded on the left side | Debit |
| Record in which transactions are entered before they are posted to ledger accounts | Journal |
| List of accounts and their balances at a point in time | Trial balance |
| Record containing all accounts for a business | General ledger |
| Process of transferring journal entry information to the ledger | Posting |
| Accounting system in which each transaction affects at least two accounts and at least one debit and one credit | Double-entry accounting |
| (Owner capital - Owner withdrawals + Revenues - Expenses) | Expanded equation |
| Tool used to show the effects of transactions and events on individual accounts. | T-account |
| Recorded on the right side | Credit |
| An entry that increases asset and expense accounts and decreases a liability, revenue, and most equity accounts | Debit |
| An entry that decreases asset and expense accounts, and increases crease liability, revenue, and most equity accounts | Credit |
| Liability created when customers pay in advance for products or services | Unearned revenue |
| Items paid for in advance of receiving their benefits | Prepaid expense |
| Accounts used to record revenues, expenses, and withdrawals | Temporary accounts |
| Closed at the end of each accounting period | Temporary accounts |
| Accounts that reflect activities related to one or more future periods, balances are not closed | Permanent accounts |
| List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted | Post-closing trial balance |
Created by:
Kelsee
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