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25 Cards in this Set
- Front
- Back
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Anything with Payable =
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Liability
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Anything with Receivable =
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Asset
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What is accumulated depreciation?
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A contra-account; connected to another account
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Anything with expense =
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Expense
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Expense excpetion
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Prepaid expense is not an expense because it has already been paid
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Anything with Revenue =
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Revenue
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Revenue exception
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Unearned Revenue is not revenue because it has not yet been earnt
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Accounts Payable
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Liability (current)
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Accounts Receivable
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Asset
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Accumulated Depreciation
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Contra-account
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Cash
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Asset (current)
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COGS
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Cost of Goods Sold = Expense
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Depreciation Expense
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Expense
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Equipment
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Asset (non-current)
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Income Tax Expense
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Expense
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Interest Expense
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Expense
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Inventory
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Asset (current)
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Land
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Asset (non-current)
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Long-term borrowings
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Liability (non-current)
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Retained earnings at the end of the year
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Owners' equity
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Sales Revenue
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Revenue
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Service Revenue
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Revenue
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Share Capital
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Owners' Equity
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Supplies
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Asset
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Supplies Expense
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Expense
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