Accounting is one of the complicated subjects to study especially if you are not so good with math. The good news is that, with enough and relevant practice, you will become better. Accounting 201 chapters 1&2 is here for you.
A form of paid-in-capital
Future economic benefits to which a company is entitled
Debts payable to outsiders called creditors
Economic obligations to owners to be paid at some future date by the corporation
Paid-in capital and common stock
Assets and liabilities
Revenues, expenses, and dividends
Revenues and liabilities
Balance sheet and operations statement
Statement of assets
Statement of financial position
Statement of retained earnings
Increase assets and increase owners equity
Increase assets and increase liabilities
Increase one asset and decrease another asset
Decrease assets and decrease liabilities
Decrease assets and decrease liabilities
Increase assets and increase owners equity
Increase assets and increase liabilities
Increase one asset and decrease another asset
Increase assets and increase owners equity
Increase one asset and decrease another asset
Increase assets and increase liabilities
Decrease assets and decrease liabilities
Increase assets and increase owners equity
Increase assets and increase liabilities
Increase one asset and decrease another asset
Decrease assets and decrease liabilities
Fiscal year
Calendar year
Physical year
Operating year
Investments
Supplies consumed
Withdraws by owner
Prepaid insurance
Balance sheet
Statement of financial position
Statement of financial condition
Income statement
12 months
9 months
6 months
24 months
Balance sheet
Statement of operations
Statement of owners equity
Income statement
Expenses are more than revenue
Revenue is more than expenses
Revenue is less than expenses
Income statement
Transaction
Asset
Journal
The company signs a contract
Work is begun on the job
Cash is received from the customer
The work is completed on the job, whether or not the cash is received
Increased expenses
Increased revenues
Increased liabilities
Increased equity
Revenue
Expense
Account receivable
Account payable
Account receivable
Revenue
Prepaid expenses
Account payable
Decreased revenues
Decreased liabilities
Decreased expenses
Increased expenses
A liability
An expense
Stock holders equity
An asset
Increase total assets and decrease total liabilities
Increase total liabilities and decrease total assets
Increase total assets and increase total liabilities
Increase total liabilities and increase stockholders equity
Increased cash and increased expenses
Increased cash and decreased expenses
Decreased cash and increased expenses
Decreased cash and decreased revenues
Liabilities
Revenues
Expenses
Assets
Increase side
Decrease side
Debit side
Credit side
T-account
Ledger
Journal
Chart of accounts
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Here's an interesting quiz for you.