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8 Cards in this Set
- Front
- Back
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Accounting Equation |
A = L + E |
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How do you calculate Net Book Value (of equipment) |
Eqipment - Accumalted Depreciation |
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What is the General Journal |
A list of every transaction |
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What is the General ledger |
A list of all the accounts a business owns |
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What is the trial balance? |
The totals of each account (to get the total debits and credits) |
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What is the income statement? |
The list of Revenue and a list of expenses to get the net income (total of Revenues - total of expenses = net income) |
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What is the Statement of Retained earnings |
Beginning Retained Earnings + Net Income - Dividends = Ending Retained earnings |
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What is the Balance sheet? |
List of assets (Cash, Land, AR) then a list of liabilities (Loan payable, AP, Rent Payable) then the stockholders equity (Capital stock, ending Retained earnings from statement of Retaimed earnings) |
