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Accounting Final R

QuestionAnswer
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