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Accounting - Introduction

so liu IA university Inglés 12 fichas

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1Balance Sheet presents...the financial situation of the company at a given date
2Asset isevery tangible, intangible or monetary item an entity owns (property, inventory, cash, accounts receivable)
3Liability isan obligation to do or pay, for example loan and accounts payable
4Shareholders' equity- difference between assets and liabilities -consists of share capital and retained earnings,
5Income statement presentsthe profit situation of a company during a given period
6Revenue isincome the company receives from its normal business activities
7Expenses areeconomic costs incurring through the operations to earn revenue
8Cash flow statement detailsall operations generated or consumed during the accounting period
9Net income meansprofit or loss!!!
10Accounting mechanismAssets = Liabilities + Equity
11Assets are _____(accounts)debit accounts (increase recorded in debit section, decrease in credit section)
12Liabilities and Equity are ____(accounts)credit accounts (increases recorded in credit section, decreases in debit section)

Descripción: university IA Fichas sobre Accounting - Introduction, creado por so liu el 15/01/2015.
Creado por: so liu · ene 2015
Actualizado: 19 feb 2016
Visitas: 1
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