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Accounting Final R
| Question | Answer |
|---|---|
| Results when businesses spend more money than they earn | Loss |
| money supplied by owners, banks or investors | Capital |
| Owners of corporation through the purchase of stock | Shareholders |
| focuses on reporting information to external users | Financial Accounting |
| Summarize information about the financial status of a business (i.e. income statements, balance sheet) | Financial Statements |
| Set of rules governing accountants when preparing their financial reports. | Generally Accepted Accounting Principles |
| period of time covered by an accounting report (most commonly one year) | Accounting period |
| a business has the ability to survive and operate indefinitely | Going concern |
| Anything of value that is owned or controlled | Property |
| Buying property that you agree to pay for later | Credit |
| any person or business to which you owe money | Creditor |
| property or items of value owned by a business | Assets |
| The owner’s claims to the assets of a business | Owner’s Equity |
| The creditor’s claims to the assets of a business | Liabilities |
| shows the balance for a specific item, such as cash or computer equipment | Account |
| the total amount of money owed to the business | Accounts Receivable |
| the amount of money owed, or payable, to the creditor of the business | Accounts Payable |
| Income earned from the sale of goods or services. | Revenue |
| the price paid for goods or services used to operate a business | Expense |
| cash or other assets the owner takes from the business | Withdrawal |
| where accounts are grouped for record keeping purposes | Ledger |
| list of all the accounts and their assigned account numbers | Chart of Accounts |
| paper prepared as evidence of a business transaction | Source Document |
| the process of recording business transactions in a journal | Journalizing |
| an accounting period of twelve months | Fiscal Year |
| an all purpose journal in which all the transactions of a business may be recorded. | General Journal |
| the process of transferring information from the general journal to individual general ledger accounts. | Posting |
| Amount of revenue that remains after expenses for the period are subtracted. | Net Income |
| prepared to summarize the changes resulting from business transactions that occur during an accounting period | Financial Statements |
| reports the net income or net loss for the period | Income Statement |
| summarizes changes in the owner’s capital account as a result of business transactions during the period | Statement of Changes in Owner’s Equity |
| is a report of the balances in all assets, liability and the owner’s equity accounts at the end of the period | Balance Sheet |
| Refers to the ease of which assets can be converted to cash | Liquidity Ratios |
| the relationship between current assets and current liabilities | Current Ratio |
| journal entries made to close, or reduce to zero, the balances in the temporary capital accounts and transfer the net income or loss for the period to the capital account. | Closing Entries |
Created by:
krawczyk2242
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