Chapter 1 Flashcards
(9 cards)
1
Q
Accounting
A
Language of business
2
Q
User
A
Anyone who receives accounting information
3
Q
Stockholder
A
Someone who owns stalk of a company (user of financial information)
4
Q
Accounting Equation
A
Assets = Liability & Equity
5
Q
Assets
A
Something that a company owns that has future benefit
i.e. Equipment, vehicles, building
6
Q
Liability
A
Debt
7
Q
Notes payable
A
Owe money to the bank
8
Q
Common stock
A
Money from investors
9
Q
Retained earning
A
Net income
