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18 Cards in this Set

  • Front
  • Back
capital and owners stock are not cash but what?
claims against owners assets
revenue is not money but what
increase in owners claims
what is an expense
a used cost or using an asset
what is another word for capital withdrawn
dividends
what is on the income statement?
revenues + <expenses> = net income
what is on the statement of owners equity?
capital, contributed capital, net income, <capital withdrawn>
what is on the balance sheet?
lists total assets, and total liabilities, owners equity
whats important to remember about the title of balance sheet?
AS OF DATE NOT MONTH ENDED
what is the book of accounts called
the general ledger
whenever u make a debit you must make an equal and corresponding __
credit
to increase an asset you must increase the ___
debit
to increase a liability you ___ it
credit
to increase an equity you ___ it
credit
to increase an expense you
debit it
to increase a revenue you
credit it
all accounts above the double line are included in the ___
balance sheet
all accounts below the line are __ accounts that go on the ____
nominal, income statement
whats the formula for owners equity at the end of the year
equity beginning of year
+stock end of year
+net income end of year
-cash dividends end of year