1
A financial statement that reports beginning capital plus net income less withdrawals to compute ending capital.
2
Assets = Liabilities + Owner's Equity
3
A financial statement that reports the profitability of business operations for a specific period of time.
4
An unwritten promise to pay a supplier for assets purchased or services received.
5
The amount by which the business assets exceed the business liabilities.
6
A financial statement that reports the assets, liabilities, and owner's equity of a specific date in time.
7
Provides a description of the particular type of asset, liability, owner's equity, revenue, or expense.
8
Something owed to another business.
9
The excess of total expenses over total revenues for the period.
10
A measure of the ease with which an asset will be converted to cash.
11
The amount a business charges customers for products sold or services performed.
12
The decrease in assets (or increase in liabilities) as a result of efforts to produce revenues.
13
Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of the business for personal use.
14
The excess of total expenses over total revenues for the period.
15
Another term for owner's equity, the amount by which the business assets exceed the business liabilities.
16
An item that is owned by a business and will provide future benefits.
