Study sets matching "accounting basics credits"

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Study sets matching "accounting basics credits"

20 terms
Accounting - Credit Basics
Borrower
Closed‐end credit
Collection agency
Co‐signer
Someone who receives something with a promise to return it or…
A loan of a certain amount of money that a borrower must repa…
Businesses hired by lenders to pursue payments on debts that…
A person who is equally responsible for paying back debt unde…
Borrower
Someone who receives something with a promise to return it or…
Closed‐end credit
A loan of a certain amount of money that a borrower must repa…
basic accounts and finance credit & payment
credithworthiness
to extend
extension
following
kredietwaardigheid
verlengen
verlenging
naar aanleiding van, in aansluiting op
credithworthiness
kredietwaardigheid
to extend
verlengen
Accounts, Debits and Credits - (all 5 basic)
Cash
Supplies
Accounts Receivable
Prepaid Insurance
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
Cash
asset, increase and normal balance is debit side, decrease is…
Supplies
asset, increase and normal balance is debit side, decrease is…
9 terms
Unit 2 Accounting (Basic Rules of Debiting and Crediting)
T diagram
Debits
Credits
On Account
left side is DEBIT side; right side is CREDIT side
Increases to Assets and Expenses... Decreases to Liabilities, Re…
Increases to Liabilities, Revenue and Capital... Decreases to As…
also means On Credit
T diagram
left side is DEBIT side; right side is CREDIT side
Debits
Increases to Assets and Expenses... Decreases to Liabilities, Re…
10 terms
Accounts, Debits and Credits - (all 5 basic)
Cash
Supplies
Accounts Receivable
Prepaid Insurance
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
Cash
asset, increase and normal balance is debit side, decrease is…
Supplies
asset, increase and normal balance is debit side, decrease is…
Unit 2 Accounting (Basic Rules of Debiting and Crediting)
T diagram
Debits
Credits
On Account
left side is DEBIT side; right side is CREDIT side
Increases to Assets and Expenses... Decreases to Liabilities, Re…
Increases to Liabilities, Revenue and Capital... Decreases to As…
also means On Credit
T diagram
left side is DEBIT side; right side is CREDIT side
Debits
Increases to Assets and Expenses... Decreases to Liabilities, Re…
15 terms
very basic credit or debit account
License Fee Revenue
Fees Income
Owner Capital
Common Stock
credit
credit
credit
credit
License Fee Revenue
credit
Fees Income
credit
16 terms
Accounting Basics
Book Keeping
Accounting
Accounting Equation
Assets
Recording business transactions in the Books of Accounts usin…
Preparation of Financial Statements from records created by B…
An equation showing the relationship among (A)Assets, ... (L)Lia…
The properties/resources owned by a business. (What a busines…
Book Keeping
Recording business transactions in the Books of Accounts usin…
Accounting
Preparation of Financial Statements from records created by B…
37 terms
Accounting Fun - Debits and Credits
Debit
Debit
Debit
Debit
Accounts Receivable
Supplies Expense
Prepaid Rent
Equipment
Debit
Accounts Receivable
Debit
Supplies Expense
26 terms
Accounting Basics
Assets = Liabilities + Owner's Equity
Asset
Liability
Revenue
What is the accounting equation?
Cash is classified as an
Accounts Payable is classified as a
Sales is also known as
Assets = Liabilities + Owner's Equity
What is the accounting equation?
Asset
Cash is classified as an
10 terms
Accounts, Debits and Credits
Cash
Supplies
Accounts Receivable
Prepaid Insurance
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
Cash
asset, increase and normal balance is debit side, decrease is…
Supplies
asset, increase and normal balance is debit side, decrease is…
24 terms
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
an option available for people who borrow money with little c…
a type of credit that should be repaid in full by a specific…
a pre-approved loan between a financial institution and borro…
a quick way to borrow money without a credit check
Alternative Credit
an option available for people who borrow money with little c…
Closed-end Credit
a type of credit that should be repaid in full by a specific…
24 terms
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
an option available for people who borrow money with little c…
a type of credit - fixed payments required on a regular basis…
a type of credit - a loan between a financial institution and…
a quick way to borrow money without a credit check, the borro…
Alternative Credit
an option available for people who borrow money with little c…
Closed-end Credit
a type of credit - fixed payments required on a regular basis…
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
an option available for people who borrow money with little c…
a type of credit that should be repaid in full by a specific…
a pre-approved loan between a financial institution and borro…
a quick way to borrow money without a credit check
Alternative Credit
an option available for people who borrow money with little c…
Closed-end Credit
a type of credit that should be repaid in full by a specific…
30 terms
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
an option available for people who borrow money with little c…
a type of credit that should be repaid in full by a specific…
a pre-approved loan between a financial institution and borro…
a quick way to borrow money without a credit check
Alternative Credit
an option available for people who borrow money with little c…
Closed-end Credit
a type of credit that should be repaid in full by a specific…
40 terms
Accounting: Debits & Credits
T account
Debit
Credit
Chart of Accounts
An accounting device used to analyze transactions
Amount recorded on the left side
Amount recorded on the right side
A list of accounts used by a business
T account
An accounting device used to analyze transactions
Debit
Amount recorded on the left side
10 terms
Accounts, Debits and Credits
Cash
Supplies
Accounts Receivable
Prepaid Insurance
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
Cash
asset, increase and normal balance is debit side, decrease is…
Supplies
asset, increase and normal balance is debit side, decrease is…
46 terms
Credit Basics
Alternative credit
Closed-end Credit
Open-end Credit
Pawn loan
A source of credit that may combine elements of open and clos…
Also known as installment credit is a loan which you must rep…
Also known as revolving credit is extended as a line of credi…
A loan based on the value of personal property
Alternative credit
A source of credit that may combine elements of open and clos…
Closed-end Credit
Also known as installment credit is a loan which you must rep…
13 terms
Credit Basics
Credit
Examples of credit sources
Examples of when using credit has a lo…
Closed End Credit
Receiving goods or services today and paying them back in the…
Mortgage companies, credit card companies, government, automo…
Student loan or purchasing a vehicle to get to and from work
A loan which the borrower repays in a specific number of equa…
Credit
Receiving goods or services today and paying them back in the…
Examples of credit sources
Mortgage companies, credit card companies, government, automo…
Basics of Accounting
accounting
proprietorship
limited resources
unlimited liability
planning,recording, analyzing, and interpreting financial info
when one person owns a business
the owner is the only one that can invest cash and other asse…
personal assets are at risk in a personal law suit
accounting
planning,recording, analyzing, and interpreting financial info
proprietorship
when one person owns a business
13 terms
Credit Basics
Credit
Examples of credit sources
Examples of when using credit has a lo…
Closed End Credit
Receiving goods or services today and paying them back in the…
Mortgage companies, credit card companies, government, automo…
Student loan or purchasing a vehicle to get to and from work
A loan which the borrower repays in a specific number of equa…
Credit
Receiving goods or services today and paying them back in the…
Examples of credit sources
Mortgage companies, credit card companies, government, automo…
8 terms
Credit Basics
Alternative credit
Close-end credit
open-end credit
pawn loan
A source of credit that may combine elements of open and clos…
(also known as installment credit) is a loan which you must r…
(also known as revolving credit) is extended as a line of cre…
A loan based on the value of personal property
Alternative credit
A source of credit that may combine elements of open and clos…
Close-end credit
(also known as installment credit) is a loan which you must r…
26 terms
Credit Basics
Consumer
Creditor
Finance Charge
Prime Rate
person who acquires goods or services for direct use or owner…
person who has loaned money to someone on credit or through a…
interest charged for charges made on a credit card or other t…
minimum interest rate charged by a commercial bank on short-t…
Consumer
person who acquires goods or services for direct use or owner…
Creditor
person who has loaned money to someone on credit or through a…
Credit Basics
Alternative Credit
Closed end credit
Open ended credit
Pawn Loan
Definition: Short term loan that provides immediate cash by s…
Definition: Loan which the borrower must repay the amount in…
Definition: Extended line of credit established in advance.... S…
Definition: The borrower gives a person an item for a loan an…
Alternative Credit
Definition: Short term loan that provides immediate cash by s…
Closed end credit
Definition: Loan which the borrower must repay the amount in…
8 terms
Credit Basics
Alternative credit
Closed-end Credit
Open-end Credit
Pawn loan
an option available for borrowers with little or no credit hi…
a loan you must repay in a specified number of equal monthly…
a line of credit established in advance so you don't have to…
a loan based on the value of personal property ... Ex. I sometim…
Alternative credit
an option available for borrowers with little or no credit hi…
Closed-end Credit
a loan you must repay in a specified number of equal monthly…
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn loan
source of credit that may combine elements of open and closed…
is a loan which you must repay in a specified number of month…
Extended as a line of credit established in advance
A loan based on the value of personal property
Alternative Credit
source of credit that may combine elements of open and closed…
Closed-end Credit
is a loan which you must repay in a specified number of month…
Credit Basics
alternative credit
closed end credit
open end credit
pawn loan
a source of credit that may combine elements of open and clos…
(also known as installment credit) A loan where you pay with…
(also known as revolving credit), is extended as a line of cr…
a loan based on the value of personal property
alternative credit
a source of credit that may combine elements of open and clos…
closed end credit
(also known as installment credit) A loan where you pay with…
Credit Basics
alternative credit
close end credit
open end credit
pawn loan
may combine elements of open or close end credit. Usually has…
a loan which you must repay in a specified number of equal mo…
extended as a line of credit established in advance so you do…
a loan based on the value of personal property... S: I didn't r…
alternative credit
may combine elements of open or close end credit. Usually has…
close end credit
a loan which you must repay in a specified number of equal mo…
8 terms
Credit Basics
Alternative Credit... Tammy got Alternati…
Close-end Credit... John used Close-end c…
Open-end Credit... I used my open-end cre…
Pawn Loan... I went and got a pawn loan a…
A source of credit that may combine elements of open and clos…
A loan for a specific amount that must be repaid in full, inc…
credit as a loan with a certain limit on the amount of money…
A loan based on the value of personal property
Alternative Credit... Tammy got Alternati…
A source of credit that may combine elements of open and clos…
Close-end Credit... John used Close-end c…
A loan for a specific amount that must be repaid in full, inc…
8 terms
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
May combine elements of closed and open-end credit; usually h…
Loan which the borrower must repay the amount in a specified…
Extended line of credit established in advance ... She had to m…
Borrower gives the lender their automobile title or personal…
Alternative Credit
May combine elements of closed and open-end credit; usually h…
Closed-end Credit
Loan which the borrower must repay the amount in a specified…
8 terms
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
A source of credit that may combine elements of open and clos…
A loan of a certain amount of money that a borrower must repa…
(also known as revolving credit) is extended as a line of cre…
A loan based on the value of personal property
Alternative Credit
A source of credit that may combine elements of open and clos…
Closed-end Credit
A loan of a certain amount of money that a borrower must repa…
8 terms
Credit Basics
Alternative Credit
Closed-end Credit
Open-end Credit
Pawn Loan
D: Alternative credit may combine elements of open or close e…
D: A loan for a specific amount that must be repaid in full,…
D: where the borrower gives the lender a personal item in exc…
D: A loan based on the value of personal property... S: Greg we…
Alternative Credit
D: Alternative credit may combine elements of open or close e…
Closed-end Credit
D: A loan for a specific amount that must be repaid in full,…
8 terms
Credit Basics
Alternative credit
Closed-end credit
Open End Credit
Pawn Loan
Combines elements of closed and open ended credit. Usually in…
Credit that must be paid back in a specified number of paymen…
An extended line of credit that is established in advance.…
The Lender keeps personal property until loan is paid back.…
Alternative credit
Combines elements of closed and open ended credit. Usually in…
Closed-end credit
Credit that must be paid back in a specified number of paymen…
8 terms
Credit Basics
alternative credit
closed- end credit
open- end credit
pawn loan
a source of credit that may combine elements of open and clos…
a loan which you must repay in a specified number of equal mo…
extended as a line of credit established in advance, so you d…
a loan based on the value of personal property ... Sentence:... Her…
alternative credit
a source of credit that may combine elements of open and clos…
closed- end credit
a loan which you must repay in a specified number of equal mo…
8 terms
Credit Basics
Alternative Credit
Closed-end credit
Open-end Credit
Pawn Loan
A source of credit that may combine elements of open and clos…
is a loan which you must repay in a specified number of equal…
is extended as a line of credit established in advance, so yo…
A loan based on the value of personal property
Alternative Credit
A source of credit that may combine elements of open and clos…
Closed-end credit
is a loan which you must repay in a specified number of equal…
25 terms
Understanding the accounting equation, debit and credits
Accounting
Accounting systems
Accounting records
Financial statements
The planning, recording, analyzing, and interpreting of finan…
The process for providing financial information that will be…
Organized summaries of a business's financial activities
Reports that summarize the financial condition and operations…
Accounting
The planning, recording, analyzing, and interpreting of finan…
Accounting systems
The process for providing financial information that will be…
40 terms
Accounting: Debits & Credits
T account
Debit
Credit
Chart of Accounts
An accounting device used to analyze transactions
Amount recorded on the left side
Amount recorded on the right side
A list of accounts used by a business
T account
An accounting device used to analyze transactions
Debit
Amount recorded on the left side
19 terms
Credit Basics
Credit
Credit History
Compound Interest
Contract
A loan
Companies collect your information about how well you pay bac…
Interest that is calculated based off of the principal plus p…
A legally binding agreement
Credit
A loan
Credit History
Companies collect your information about how well you pay bac…
Credit Basics
Alternative credit
Closed‐end credit
Open‐end credit
Pawn loan
A source of credit that may combine elements of open and clos…
(also known as installment credit) is a loan which you must r…
(also known as revolving credit) is extended as a line of cre…
A loan based on the value of personal property
Alternative credit
A source of credit that may combine elements of open and clos…
Closed‐end credit
(also known as installment credit) is a loan which you must r…
Accounting - Debits/Credits
Expense
Asset
Drawings
Liabilities
Debit
Debit
Debit
Credit
Expense
Debit
Asset
Debit
23 terms
Accounting - Mastering Debits and Credits
Credit
Debit
Debit
Credit
Increase Accounts Payable
Decrease Accounts Payable
Increase Cash
Decrease Cash
Credit
Increase Accounts Payable
Debit
Decrease Accounts Payable
19 terms
Accounts, Debits and Credits
Cash
Supplies
Accounts Receivable
Prepaid Insurance
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
asset, increase and normal balance is debit side, decrease is…
Cash
asset, increase and normal balance is debit side, decrease is…
Supplies
asset, increase and normal balance is debit side, decrease is…
14 terms
Credit Basics
Credit
Why you are spending future income whe…
Examples when using credit has a long-…
Closed End credit
Receiving goods or services today and paying them back in the…
Because you are paying interest
Education loan and purchasing a vehicle to get to and from work
A loan which the borrower repays in a specific number of equa…
Credit
Receiving goods or services today and paying them back in the…
Why you are spending future income whe…
Because you are paying interest
46 terms
Credit Basics
credit
individuals must pay back
credit availability depends on
credit sources
receive goods and services now with borrowed money... Making pur…
determined money (usually in small increments plus interest)…
trust
private mortgage company, depository institutions, automobile…
credit
receive goods and services now with borrowed money... Making pur…
individuals must pay back
determined money (usually in small increments plus interest)…
185 terms
Accounting basics
How to calculate owner's equity?
Total assets $300,000, total liabiliti…
Total liabilities + OE =
On balance sheet, where can you find r…
Total assets - liabilities = OE
$220,000
Assets
It lists on Owner's equity section
How to calculate owner's equity?
Total assets - liabilities = OE
Total assets $300,000, total liabiliti…
$220,000
14 terms
Credit Basics
Borrower
Closed end credit
Collection Agency
Co-signer
Someone who receives something with a promise to return it or…
A loan of a certain amount of money that a borrower must repa…
Businesses hired by a lenders to pursue payments on debts tha…
A person who is equally responsible for paying back debt unde…
Borrower
Someone who receives something with a promise to return it or…
Closed end credit
A loan of a certain amount of money that a borrower must repa…
10 terms
Accounting Basics
Basic accounting equation
Asset
Liability
Solve for A if Liabilities = 10 and Eq…
assets= liabilities + equity
all items to which a business or household holds a legal claim.
Anything that the business owes someone else, eg: loan, mortg…
23
Basic accounting equation
assets= liabilities + equity
Asset
all items to which a business or household holds a legal claim.
12 terms
Accounting Basics
Accounting
Financial Statements
Asset
Liability
The process of planning, recording, analyzing, and interpreti…
Financial reports that summarize the financial condition and…
Anything of value that is owned.
An amount owed.
Accounting
The process of planning, recording, analyzing, and interpreti…
Financial Statements
Financial reports that summarize the financial condition and…
12 terms
Accounting Basics
Accounting Equation
Asset
Liability
Owner's Equity
Assets = Liabilities + Owner's Equity
Any of value that a business owns
Any amount owed by a business
The owner's financial right to a business
Accounting Equation
Assets = Liabilities + Owner's Equity
Asset
Any of value that a business owns
Accounting Debits and Credits
What is accounting?
6 types of Accounts
Credit cards, Accounts payable, Loans…
Money that is earned is what type of a…
Turns data into meaningful info. It categorizes financial dat…
Assets, Equity, Drawings, Liabilities, Revenue (Income), Capi…
Liabilities
Revenue (Income)
What is accounting?
Turns data into meaningful info. It categorizes financial dat…
6 types of Accounts
Assets, Equity, Drawings, Liabilities, Revenue (Income), Capi…
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