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The expression of Assets = Liabilities + Owner's Equity is called the equation or balance sheet equation. |
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An account is a liability created by buying goods or services on credit. |
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An account is an asset created by selling products or services on credit. |
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Properties or economic resources owned by the business are called . |
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A is a financial statement providing information that helps users understand a company's financial status. |
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The principle requires every business to be accounted for separately from its owner or owners. |
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An economic event that changes the financial position of an organization, and that often takes the form of an exchange of economic consideration between two parties, is called a business . |
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The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is called the -concern or continuing-concern principle. |
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The accounting principle that requires financial statement information to be based on actual costs incurred in business transactions is the principle. |
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Individuals or organizations entitled to receive payments from a company are called . |
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are distributions of assets by a corporation to its owners. |
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The residual interest in the assets of an entity that remains after deducting its liabilities is called or net assets. |
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are outflows or the using up of assets as a result of the major or central operations of a business. |
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statements include the balance sheet, income statement, statement of owner's equity and the statement of cash flows. |
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The financial statement that shows whether the business earned a profit by subtracting expenses from revenues is the statement. |
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Debts, owed by a business or organization, are classified as . |
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The principle is based on the notion that transactions and events should be measured and recorded in monetary units. |
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The excess of revenues over expenses for a period is called . |
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A payable is a liability expressed by a written promise to make a future payment at a specific time. |
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The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence rather than someone's opinion is the principle. |
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The revenue principle provides guidance on when revenue should be reflected on the income statement. This principle (rule) includes three guidelines. |
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Inflows of assets received in exchange for goods or services provided to customers as part of the major or primary operations of the business are called . |
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The statement of reports the changes in equity over the reporting period. |
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are payments of cash or other assets from a proprietorship or partnership to its owner or owners. |
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The rules that make up acceptable accounting practices are referred to as (GAAP). |
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A primary purpose of GAAP is to make information in financial statements . |
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is the owner's claim on the assets of the business. |
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The excess of expenses over revenues for a period is called . |
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Source documents such as sales invoices, cheques, purchase orders, and bank statements provide objective evidence about transactions. They support the principle. |
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The balance sheet describes a company's financial position by listing the types and dollar amounts of . |
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The cash flow statement is organized by a company's major activities: . |
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