BEP2O Accounting Review Flashcards

A set of vocabulary flashcards covering basic accounting terms, classifications, and financial statement details based on the BEP2O review sheet.

Asset

Something a business owns that has value.

Liability

Money the business owes.

Revenue

Money earned from selling goods or services.

Expense

Costs incurred to operate a business.

Owner’s Equity

Owner’s claim on the business after liabilities.

Liquidity

Refers to how quickly an asset can be converted into cash without losing value.

Sales Revenue (Classification)

Income Statement (IS)

Rent Expense (Classification)

Income Statement (IS)

Cash (Classification)

Balance Sheet (BS)

Equipment (Classification)

Balance Sheet (BS)

Accounts Receivable (Classification)

Balance Sheet (BS)

Bank Loan (Classification)

Balance Sheet (BS)

Wages Expense (Classification)

Income Statement (IS)

Advertising Expense (Classification)

Income Statement (IS)

Accounts Payable (Classification)

Balance Sheet (BS)

Urban Shine Car Wash Net Income

The final amount calculated for the month ended May 31, 2026, which is $5,200$.

Urban Shine Car Wash Total Revenue

Total car wash revenue recorded as $16,200$.

Urban Shine Car Wash Total Expenses

The sum of cleaning supplies, wages, rent, utilities, and advertising, totaling $11,000$.

Total Assets (Urban Shine Car Wash)

The sum of Cash ($3,100$), Accounts Receivable ($1,300$), and Equipment ($14,500$), totaling $18,900$.

T. Brandt, Capital

The Owner's Equity value of $7,650$ as of May 31, 2026.

Total Liabilities (Urban Shine Car Wash)

The sum of Accounts Payable ($2,250$) and Bank Loan ($9,000$).