Acc 212 GVSU exam 1

Assets

the total resource of a company

Rent Expense

which of the following would appear on the income statement

finacing activities

cash transactions of a company with lenders and with stockholders are referred to as

Assets=Liabilities+Stockholders' Equity

basic accounting equation

intangible assets

long-term assets (e.g., patents, trademarks, copyrights) that have no real physical form but do have value

Accounts Payable

which is not an example of a long term liability

retained earnings

An amount earned by a corporation and not yet distributed to stockholders.

Payment of wages

operating cash flows would include

Defferred Revenue

A liability created when a business collects cash from customers in advance of completing a service or delivering a product.

Increase one asset and decrease another asset

Purchase of asset for cash, Sale of asset for Cash, Collection of Account Receivable

debit, credit

A debit is the amount charged to an account; a credit is payment made to reduce your debt; credits are identified by a negative (-) sign.