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15 Cards in this Set

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Balance Sheet
(sometimes called the statement of financial position)
A listing of the organizations assets, liabilities, and owners equity at a point in time.
Accounting Equation
or
Balance Sheet Equation
Assets = Liabilities + Owners' Equity
($320 = $117 + 203)
Assets
The amount of resources owned by the entity.
(cash, merchandise inventory, or equipment)
Liabilities
Amounts owed to other entities.
(accounts payable)
Owners' Equity
(sometimes referred to as net assets or net worth)
The ownership right of owners of the entity in the assets that remain after deducting liabilities.
Cash
Cash on hand and in the bank or banks used.
Accounts Receibable
Amounts due from customers who have purchased merchandise on credit and agreed to pay within a specified period
Merchandise Inventory
The cost to an entity of the merchandise that it has acquired buy not yet sold.
Equipment
The cost of all equipment used run the entity.
Accumulated Depreciation
The portion of the cost of equipment that is estimated to have been used up in the process of operating the business.
Depreciation
The process of spreading the cost of an asset over its useful life to the entity.
Accounts Payable
Amounts owed to suppliers of merchandise of merchandise inventory that was purchased on credit and will be paid within a specific period of time.
Accrued Liabilities
Amounts owed to various creditors, including any qages owed to employees for services provided.
Short-Term Debt
Amounts borrowed, probably from banks, that will be repaid within one year of the balance sheet date.
Long-Term Debt
Amounts borrowed from banks or others that will not be repaid within one year of the balance sheet date.