Flashcards

Financial statements: income statement and balance sheet basics

kleo cuevas English 16 cards

Cards in this deck (16)

1The financial statement that reports the revenues and expenses for a period of time such as a year or a month is theIncome Statement
2The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is theBalance Sheet
3Revenues minus expenses equalsNet Income
4Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to asAsset
5Assets are usually reported on the balance sheet at which amount?Cost
6Obligations (amounts owed) are reported on the balance sheet and are referred to asLiabilities
7Liabilities often have the word __________ in their account title.Payable
8Unearned Revenues is what type of account?Liability
9Accounting entries involve a minimum of how many accounts?2
10The listing of all of the accounts available for use in a company's accounting system is known as theChart of Accounts
11Assets minus liabilities equalsStockholder's Entity/Owner's Equity
12Which term is associated with "left" or "left-side"?Debit
13Which term is associated with "right" or "right-side"?Credit
14When cash is received, the account Cash will beCredited
15When a company pays a bill, the account Cash will beCredited
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