What are the three aspects of assets? Liability, Equity, Revenue Income, Expense, Profit Cash, Receivables, Payables Right, Potential to produce economic benefits, Control

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Accounting Elements & Statements: Assets, Liabilities, Equity & Financial Reporting

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Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(66)

What is a present economic resource controlled by the entity as a result of past events?

What is a present obligation of the entity to transfer an economic resource as a result of past events?

What is the residual interest in the assets of the entity after deducting all its liabilities?

What are the elements of the Statement of Financial Position (Balance Sheet)?

What results in increases in equity, other than those relating to contributions from holders of equity claims?

What results in decreases in equity, other than those relating to distributions to holders of equity claims?

What are the elements of the Statement of Financial Performance (Income Statement)?

What are the three aspects of assets?

What is a basic summary device of accounting?

What is the simplest form of account?

What is the most basic tool of accounting represented by the equation: Assets = Liabilities + Owners' Equity?

What is the expanded accounting equation: Assets = Liabilities + Capital - Withdrawal + Revenues - Expenses?

What is the formula for Liability represented as L = A - C + D - R + E?

What is the formula for Capital represented as C = A - L + D - R + E?

What is the formula for Drawing represented as D = -A + L + C + R - E?

What is the formula for Revenue represented as R = A - L - C + D + E?

What is the formula for Expense represented as E = -A + L + C - D + R?

What is the dual effect of a double-entry system?

What is the Latin term for debit?

What is the Latin term for credit?

What is the side of the account where increases are recorded?

What is an economic occurrence that causes changes in an enterprise's assets, liability, and equity?

What is a particular kind of event that involves the transfer of something of value between two entities?

What are the types of transactions: Source of Assets (SA), Exchange of Assets (EA), Use of Assets (UA), Exchange of Claims (EC)?

What is it called when an asset account increases and a corresponding claims (liabilities or owner's equity) account increases?

What is it called when an asset decreases and claims decrease?

What is it called when an asset increases and another asset decreases?

What is it called when a claims account increases and another claims account decreases?

What is any medium of exchange that a bank accepts for deposit at face value?

What are short-term highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value?

What is a written pledge that the customer will pay a business a fixed amount of money on a certain date?

What are claims against customers?

What are assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process?

What are expenses paid for by the business in advance?

What are tangible assets used in the operations of a business?

What is a contra account that contains the sum of the periodic depreciation charges, deducted from the related account?

What are identifiable, nonmonetary assets without physical substance held for use in the production or supply of goods or services?

What are the three criteria of a liability?

What is a note promising to pay a certain amount on a certain date, made by the business entity?

What is the opposite of Accounts Receivable, where the buyer agrees to pay in the future?

What are amounts owed to others for unpaid expenses?

What is it called when a business entity receives payment before providing customers with goods or services?

What are portions of mortgage notes, bonds, and other long-term indebtedness which are to be paid in one year from the balance sheet date?

What is long-term debt where the business entity pledges certain assets as security to the creditor?

What is it called when business organizations obtain substantial sums of money from lenders to finance the acquisition of equipment and other needed assets?

What records the original and additional investments, increased by profit and decreased by loss?

What is the Latin term for 'proper'?

What is it called when an owner withdraws cash or other assets from a business?

What is a temporary account used at the end of the accounting period to close income and expenses?

What is revenue earned by performing services for a customer?

What is revenue from the sale of merchandise?

What is the cost incurred to purchase or produce the products sold?

What is the payment as a result of an employer-employee relationship?

What is the expense related to the use of telecommunications, electricity, fuel, and water?

What is the expense for space or asset rentals?

What is the expense of using supplies in the conduct of business?

What are portions of premiums paid on insurance coverage?

What is the cost of tangible assets allocated or charged as an expense?

What is the amount of receivable estimated to be doubtful?

What is the expense related to the use of borrowed funds?

What are the four types of transactions: Source of Asset (SA), Exchange of Asset (EA), Use of Asset (UA), Exchange of Claims (EC)?

What is it called when an asset account increases and a corresponding claims (liabilities or owner's equity) account increases?

What is it called when one asset account increases and another asset account decreases?

What is it called when an asset account decreases and a corresponding claims (liabilities or equity) account decreases?

What is it called when one claims (liabilities or owner's equity) account increases and another claims account decreases?

What is the occurrence of an event or a condition that affects financial position and can be reliably recorded?

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