Accounting 1 Chapters 1-5

Front

Planning, recording, analyzing, and interpreting financial information

Back

accounting

Front

A decrease in owner's equity resulting from the operation of a business

Back

expense

Front

Amount owed by a business

Back

liability

Front

Anything of value that is owned

Back

asset

Front

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

Back

assets

Front

The basic accounting equation is Assets=Liabilities + _______________________.

Back

Owner's Equity

Front

Accounting entries involve a minimum of how many accounts?

Back

2

Front

When cash is received, the cash account does what?

Back

Increases

Front

When a company pays a bill using cash, the cash account does what?

Back

Decreases

Front

When a company buys supplies on account, the cash account does what?

Back

Stays the same