Accounting Quiz #1
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13 terms
Terms | Definitions |
|---|---|
 Balance Sheet | assets, liabilities, and equity at one point in time |
| Income Statement | revenues, expenses, and profit over a period of time |
| Statement of Ret. Earnings | changes in contributed and earned capital over a period of time |
| "Audit Opinion" | examining the financial reports to ensure compliance with GAAP NO opinion on stock price or investment |
| "receivable" | asset |
| prepaid expenses | asset |
| "payable" | liability |
| "unearned" | liability |
| assets | economic resources earned by the company |
| liability | debts or obligations |
| Shareholders Equity | amount of financing provided by owners of the business and earnings |
| "contributed capital" | SE |
| "retained earnings" | SE |
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