Intro To Accounting And Business Flashcards by Kelsey Taylor

Q

Is equipment an asset, liability, or stockholders equity?

A

Asset

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Q

The accounting equation

A

Assets = Liabilities + Owners equity

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Q

What is land?

A

Asset

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Q

What is Accounts Payable?

A

Liability

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Q

What are supplies?

A

Asset

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Q

What is Capital Stock?

A

Stockholders Equity

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Q

What is Fees Earned?

A

Stockholders Equity

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Q

What are Expenses?

A

Stockholders Equity

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Q

What is Accounts Receivable?

A

Asset

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Q

What are Dividends?

A

Stockholders Equity

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Q

What is the normal balance of Accounts payable?

A

Credit

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Q

Chart of Accounts

A

A list of accounts in the ledger

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Q

Ledger

A

A group of accounts for a business entity

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Q

What is the normal balance of revenue?

A

Credit

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Q

What is the normal balance of expenses?

A

Debit

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Q

What is the normal balance of dividends?

A

Debit

Q

What is the normal balance of capital stock?

A

Credit

Q

What is the normal balance for retained earnings?

A

Credit

Q

Journal

A

Where transactions are recorded

Q

GAAP

A

generally accepted accounting principles