Flashcards
Chapter 5 Vocab
Cards in this deck (11)
- 1The period of time over which the earnings of a business are measured.accounting period
fiscal period - 2A list of the accounts of a business and their numbers, arranged according to their order in the ledger.chart of accounts
- 3A decrease in owner's equity resulting from a personal withdrawal of funds or other assets by the owner.drawings
- 4A decrease in equity resulting from the costs of the materials and services used to produce the revenue.expense
- 5A financial statement that summarizes the items of revenue and expense, and shows the net income or net loss of a business, for a given fiscal period.income statement
- 6Each expense item related to revenue earned must be recorded in the same accounting period as the revenue it helped to earn.matching principle
- 7The difference between total revenues and total expenses if the revenues are greater than the expenses.net income
- 8The difference between total revenues and total expenses if the expenses are greater than the revenues.net loss
- 9An increase in equity resulting from the proceeds of the sale of goods or services.revenue
- 10Revenue be recorded in the accounts at the time the transaction is completed.revenue recognition convention
- 11Accounting takes place over specific time periods known as fiscal periods.time period concept
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- Accounting Flashcards on Chapter 5 Vocab, created by Bob Cui on 05/10/2013.
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- Bob Cui
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