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ENT210 Exam 1

QuestionAnswer
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