S

Accounting Fundamentals: Assets, Liabilities, Equity, and Financial Statements

Flashcard Icon

Flashcard

Learn Mode Icon

Learn Mode

Match Icon

Match

Coming Soon!
Library Icon

Library

View Library
Match Icon

Create

Create More Decks
Flashcard Icon Flashcards
Flashcard Icon Flashcards
Library Icon Library
Match Icon Match (Coming Soon)

Finance - Personal Finance

View Results
Full Screen Icon

charlotte1oxhi Created by 10 mon ago

Related Decks

Cards in this deck(23)
What term describes the resources available to a firm that can be used to generate wealth for its owners?
Blur Image
What are the amounts that are owed by a firm called?
Blur Image
What is the term for the residual claims that owners have, representing what they own?
Blur Image
What is the equation that represents contributed capital plus earned capital?
Blur Image
What is the fundamental equation of accounting that states Assets = Liabilities + Owner's Equity?
Blur Image
What is the normal balance side for assets in accounting?
Blur Image
What is the normal balance side for liabilities in accounting?
Blur Image
What is the normal balance side for equity in accounting?
Blur Image
What term describes every dollar a company has earned that it didn't distribute to owners?
Blur Image
What is the expanded accounting equation that includes assets, liabilities, and equity components?
Blur Image
What is often referred to as the 'language of business'?
Blur Image
What term describes any change in equity from non-owner sources?
Blur Image
What does AOCI stand for in financial accounting?
Blur Image
What is a permanent equity account where other comprehensive income flows into?
Blur Image
Which of the following are types of other comprehensive income (OCI)?
Blur Image
What are accounts that persist year after year and are found on the balance sheet called?
Blur Image
What are accounts that are active during the period but are closed to a zero balance at the end of the year called?
Blur Image
Which account classifications are associated with permanent accounts?
Blur Image
Which account classifications are associated with temporary accounts?
Blur Image
Why do expenses have debit balances in accounting?
Blur Image
What is the equation that represents Revenues + Gains - Expenses - Losses = Net Income?
Blur Image
What is the equation for calculating Ending Retained Earnings?
Blur Image
What is the equation for the statement of cash flows?
Blur Image

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

  • Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.
Get Started
Flashcard Icon
  • Browse questions and discover topic-based flashcards
  • Practice with engaging flashcards designed for each subject
  • Strengthen memory with concise, effective learning tools
Discover By Topic