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13 Cards in this Set

  • Front
  • Back
Account
Recorded transactions to show increase and decreases in financial statement.
Ledger
A group of accounts for a business entity.
Charts of account
A list of accounts in the ledger
Assets
are resources owned by business entity.
Liabilities
are debts owed to outsiders(creditor). (payable items). Cash receive before services are delivered creates a liability to perform service.
Dividends account
represents distributions of earnings to stockholders
Revenues
are infees earned, fares earned,increases in owners equity as a result to selling services or products to customer. e.g fees earned, fares earned, commissions revenue, and rent revenues.
Expenses
the using up of assets or consumming services in the process of generatig revenues.e.g wage expense, rent exspenses, utilities expenses, misc. exspenses.
1. Assets
11 Cash
12 Account Receivable
14 Supplies
15 Prepaid Ins
17 Land
18 Office Equipment
2. Liabilities
21. Account Payable
23. Unearned Rent
3. Stockholder Equity(Owners equity)
31 Capital Stock
32 Retained Earnings
33 Dividends
4. Revenues
41 Fees earned
5. Expenses
51 Wage expenses
52 Rent exspenses
54 Utilities exspenses
55 Supplies exspenses
59 Misc Exspenses