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Accounting

Terms in this set (14)

Assets
Cash, Inventory, Land, Purchased Patents
Liabilities
Unpaid purchases on inventory, loans from banks, unpaid accrued interests, customers who prepay, gift cards
Shareholder or Owner's Equity
OE = Total Assets - Liabilities

Key Components of OE:
1) Contributed Capitol
2) Retained Earnings
Balance Sheet
Assets = Liabilities + Stockholders' Equity

Investing and financing activities
Income Statement
Net Income = Revenue - Expenses

Lists revenue and expenses
Statement of Cash Flows
Cash of Operations (Day to day activities) + Cash from investing + Cash from Financing = Change in cash + BB = EB
Statement of Retained Earnings
BB + Net Income - Dividends = EB
Accounts Receivable
Balance Sheet

Asset
Accounts Payable
B/S

Liabilities
Retained Earnings
BS

SE
Notes Payable
B/S

Liability
Depreciation Expenses
Income Statement

Expense
Selling expenses
Income statement
Expenses
Interest Income
Income statement
Revenue
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