Flashcards
Accounting - Introduction
Cards in this deck (12)
- 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)
Information
- Description
- university IA Flashcards on Accounting - Introduction, created by so liu on 15/01/2015.
- Created by
- so liu · Jan 2015
- Updated
- Feb 19, 2016
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