Create an account
A _____ is any event that has a financial impact on the business and can be measured reliably.
An _____ is the record of all the changes in a particular asset, liability, or stockholders' equity during a period.
_____ means money and any medium of exchange including bank account balances, paper currency, coins, certificates of deposit, and checks.
Assets, cash, accounts receivable, notes receivable, inventory, prepaid expenses, land, buildings, equipment, furniture, and fixtures, liabilities, accounts payable, notes payable, accrued liabilities, stockholders' equity, retained earnings, dividends, revenues, expenses, and common stock are considered _____.
Companies sell their goods and services and receive a promise for future collection of cash. The _____ _____ account holds these amounts.
A _____ _____ is similar to an account receivable, but a _____ _____ is more binding because the customer signed it. It usually specifies an interest rate.
A _____ _____ is an asset because the payment provides a future benefit for the business.
The _____ _____ account shows the cumulative net income earned over the company's lifetime, minus its cumulative net losses and dividends.
The increase in stockholders' equity from delivering goods or services to customers is called _____.
The _____ _____ data are composed of the ending balances of the assets, liabilities, and stockholders' equities.
The _____ _____ _____ _____ repeats net income (or net loss) from the income statement. Dividends are subtracted. Ending _____ _____ is the final result.
Statement of retained earnings; retained earnings
The _____ _____ reports revenues, expenses, and either a net income or net loss for the period.
The _____ _____ _____ _____ starts with the beginning balance of retained earnings, (zero for a new business). Add net income for the period, subtract dividends, and compute the ending balance of retained earnings.
Statement of retained earnings
The _____ _____ lists the assets, liabilities, and stockholders' equity of the business at the end of the period. Included in the stockholders' equity is retained earnings, which comes from the statement of retained earnings.
In a _____ account, the vertical line in the letter divides the account into its two sides: left and right. The account title appears at the top.
In a T account, the left side of each account is called the _____ side, and the right side is called the _____ side.
_____ are increases in stockholders' equity that result from delivering goods or services to customers.
If an account's debits exceed its total credits, that account has a _____ _____, as for Cash.
If an account's credits are greater than the total debits, the account has a _____ _____.
A _____ _____ lists all accounts with their balances - assets first, then liabilities and stockholders' equity.
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together