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Accounting > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Cash

A

Asset, Balance Sheet

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2
Q

Receivables

A

Asset, Balance Sheet

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3
Q

Inventory

A

Asset, Balance Sheet

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4
Q

Equipment

A

Asset, Balance Sheet

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5
Q

Machinery

A

Asset, Balance Sheet

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6
Q

Supplies

A

Asset, Balance Sheet

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6
Q

Land

A

Asset, Balance Sheet

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6
Q

Prepaids

A

Asset, Balance Sheet

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7
Q

Buildings

A

Asset, Balance Sheet

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8
Q

Payables

A

Liability, Balance Sheet

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9
Q

Retained Earnings

A

Stockholders’ equity, Balance Sheet & Statement of Stockholders’ Equity

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10
Q

Common Stock

A

Stockholders’ equity, Balance Sheet & Statement of Stockholders’ Equity

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11
Q

Expenses

A

Expense, Income Statement

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12
Q

Cost of Goods Sold

A

Expense, Income Statement

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13
Q

Revenues

A

Revenue, Income Statement

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14
Q

Dividends

A

Dividend, Statement of Stockholders’ Equity

15
Q

The Accounting Equation always has to be..

A

The same, equal to eachother

16
Q

What is the Accounting Equation?

A

Assets = Liabilities + Stockholders’ Equity

17
Q

What is the equation for Net Income?

A

Revenues - Expenses = Net Income

18
Q

Who is responsible for GAAP’s standards and rules?

18
Q

What is GAAP?

A

A set of rules public companies have to follow.

19
Q

The SEC has..

A

Control over the FASB

20
Q

What is the equation for the ending balance of Retained Earnings?

A

Beginning Balance Retained Earnings + Net Income - Dividends = Ending Balance of Retained Earnings

21
Q

What is the equation for the ending balance of Common Stock?

A

Beginning Balance + New issuances (Sold Stock) = Ending Balance of Common Stock

22
Q

What is the equation for total Stockholders’ Equity?

A

Retained Earnings + Common Stock = Stockholders’ Equity

Accounting (7 decks)

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