accounting quiz

  1. assets
    • everything company owns that has value.
    • ex. cash, accounts rec, land
  2. Liabilities
    • Obligation. creditors. rights to assets. anything company ownes
    • ex.accounts payable
  3. stockholders equity
    • owners rigts to the assets of the bussiess.
    • ex. common stok, retained earnings
  4. Revenue
    • increase in stockholders equity as a result of business operation.
    • ex. sales
  5. expenses
    • decrease in stockholders equity as a result of business operation.
    • ex. rent expence
  6. dividends
    • decrease in stockholders equity as a result of returing some profits back to owners.
    • ex. dividends
Author
peyton1234
ID
234362
Card Set
accounting quiz
Description
6 classes
Updated