Chapter 2 Flashcards
1
Q
An Account
A
A record of increases and decreases in a specific item
2
Q
Classified Balance Sheet
A
organizes assets and liabilities into current and noncurrent items
3
Q
Prepaid expenses
A
when a company prepay future expenses; asset
4
Q
Supplies
A
assets until used up
5
Q
Unearned Revenue
A
Liability; when a costumer pays in advance for products or services
6
Q
Accrued Expenses
A
amounts owed not yet paid; liability
7
Q
General Ledger
A
record containing all the accounts used by company
8
Q
Chart of Accounts
A
a list of all ledger accounts (identification numbers)
9
Q
T account
A
used to represent ledger account left side debit. right side credit
10
Q
Sales
A
revenue
11
Q
Commisons Earned
A
revenue
12
Q
Professional Fees Earned
A
Revenue
13
Q
Rent Revenue
A
Revenue
14
Q
Interest Revenue
A
Revenue
15
Q
Interest Income
A
Revenue
