Flashcards
Financial statements: income statement and balance sheet basics
Flashcards do conjunto (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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- FlashCards sobre Sem título, criado por kleo cuevas em 07-01-2021.
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