Chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| a liability backed by the general reputation and credit standing of the debtor | show 🗑
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| the information system that measures business activities, processes that information into reports and financial statements, and communicates the results to decision makers. | show 🗑
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| the most basic tool of accounting: assets = liabilities + owners' equity | show 🗑
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| an economic resource that is expected to be of benefit in the future | show 🗑
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| show | balance sheet
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| group elected by the stockholders to set policy for a corporation and to appoint its officers | show 🗑
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| show | capital
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| show | cash
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| show | common stock
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| a business owned by stockholdewrs. A legal entity, an "artificial person" in the eyes of the law | show 🗑
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| show | current asset
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| show | current liability
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| negative balance in retained earning cause by net losses over a period of years | show 🗑
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| show | dividends
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| show | entity
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| show | ethics
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| decrease in retained earnings that results from operations; the cost of doing business; opposite revenues | show 🗑
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| show | fair value
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| show | financial accounting
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| activities that obtain form investors and creditors the cash needed to launch and sustain the busines; a section of the statement of cash flows. | show 🗑
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| another name for property, plant, and equipment | show 🗑
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| accounting guidelines, formulated by the Financail Accounting Standards Board, that govern how accounting is practiced. | show 🗑
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| show | going-concern assumption
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| principle that state that asset and services should be recorded at their actual cost | show 🗑
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| a financial statement listing an entity's revenues, expenses, and net income or net loss for a specific period. also called statement of operations | show 🗑
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| accouting guidelins, formulated by the international accounting standards board. By 2014, US GAAP is expected to be harmonized with this | show 🗑
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| show | investing activities
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| show | liability
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| show | limited liability company
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| show | long term debt
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| the branch of accounting that generates information for the internal decision makers of a business, such as top executives | show 🗑
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| show | merchandise inventory
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| another name for net income | show 🗑
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| excess of total revenues over total expenses | show 🗑
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| show | net loss
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| another name for net income | show 🗑
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| a liability evidenced by a written promise to make a future payment | show 🗑
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| activities that create revenue or expense in the entity's major line of business; a scetion of the statement of cash flows | show 🗑
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| show | owners' equity
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| the amount of stockholders' equity that stockholders have contributed to the corporation | show 🗑
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| show | partnership
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| another name for property, plant, and equipment | show 🗑
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| show | property, plant, and equipment
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| a business with a single owner | show 🗑
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| show | retained earnings
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| increase in retained earnings from delivering goods or services to customers or clients | show 🗑
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| the reason for ignoring the effect of inflation in the accounting records, based on the assumption that the dollar's purchasing power is relatively stable. | show 🗑
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| reports cash receipts and cash payment classified according to the entity's major activites: operating, investing, and financing | show 🗑
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| show | statement of financial position
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| another name for income statement | show 🗑
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| show | statement of retained earnings
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| shares into which the owners' equity of a corporation is divided | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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