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8 Cards in this Set

  • Front
  • Back

Accounting Equation

A = L + E

How do you calculate Net Book Value (of equipment)

Eqipment - Accumalted Depreciation

What is the General Journal

A list of every transaction

What is the General ledger

A list of all the accounts a business owns

What is the trial balance?

The totals of each account (to get the total debits and credits)

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)

What is the Statement of Retained earnings

Beginning Retained Earnings + Net Income - Dividends = Ending Retained earnings

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)