Accounting Basics Flashcards
1
Q
List the current assets (5)
A
- Cash
- Accounts Receivable
- Inventory
- Prepaid Expenses
- Marketable Securities
2
Q
List the Non-Current Assets (4)
A
- Property, Plant, and Equipment (PPE)
- Intangible assets (patents, trademarks)
- Long-term investments
- Deferred Tax Assets
3
Q
List the current liabilities (5)
A
- Accounts Payable
- Short-Term Loans
- Accrued Expenses
- Unearned Revenue
- Current Portion of Long-Term Debt
4
Q
List the non-current liabilities (4)
A
- Bonds Payable
- Long-Term Loans
- Lease Liabilities
- Deferred Tax Liabilities
5
Q
List Common Equity (3)
A
- Common Stock
- Retained Earnings
- Additional Paid-In Capital
6
Q
List Preferred Equity (2)
A
- Preferred Stock
- Other Comprehensive Income (unrealized gains/ losses in investments)
7
Q
List common Debit increases in journal entries
A
- Assets
- Expenses
- Losses
Think: Resources or costs increase with debits
8
Q
List common cost increases with journal entries
A
- Liabilities
- Equity
- Revenues
- Gains
(Think: Obligations, funding, or income increases with credits.)
9
Q
What is the main debit rule?
A
- Debit one account (increase assets or expenses OR decrease liabilities/equity).
10
Q
What is the main credit rule?
A
- Credit another account (decrease assets or expenses OR increase liabilities/equity).
