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what is another word for capital withdrawn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capital withdrawn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