chapter 2 summary cheat sheet

Question 1

cash, accounts receivable, notes receivable, prepaid accounts, are all

Answer 1

asset accountscash

Question 2

cash

Answer 2

compnays cash balance

Question 3

account receivable

Answer 3

held by the seller, the promise of payment from the customer to the seller. increased by credit sales

Question 4

notes receivable

Answer 4

held by lender a borrow written promise to pay the lender a specific sum of money at future date

Question 5

prepaid accounts (expenses)

Answer 5

assets that arise from the prepayment of future expenses

Question 6

accounts payable, notes payable, unearned revenue, acrused liabilities are all

Answer 6

liability accounts

Question 7

common stock , dividends, revenue, and expenses are examples of

Answer 7

equity accounts

Question 8

common stock

Answer 8

when ownders invest in compnay inexcahnge for stuck, increases both assets and equity

Question 9

dividends

Answer 9

when a compnay pays dividends, decreases both company assets and total equity

Question 10

revenue

Answer 10

amounts received from sales of products. revenue increases equity

Question 11

expenses

Answer 11

cost of providing products and services. expenses decrease equity