Accounting Unit 2

Expenses – costs necessary to earn revenues
Sales Revenue – 1. Revenue
2. Income Statement
3. Credit
4. Temporary
share of stock – each unit of ownership in a corporation
credit: – : an amount recorded on the right side of a T account
dividends – earnings of a corporation distributed to the owners of a corporation. NOT an expense
basic accounting equation – assets = liabilities + stockholders' equity
Accounts Payable – a short-term liability that will be pain in the future
Accumulated Deficit – When a company has a debit balance in retained earnings since its start
The loss in value of a fixed asset due to wear and tear and the passage of time is: – Depreciation
In the process of generating an action potential; which of the following is the next step after the neuron has reached threshold.
single-step income statement – an income statement in which all expenses are added together and subtracted from all revenues
Revenues – Expenses – = Net Income
debit – An amount recorded on the left side
Bookkeeping – The recording of business data in a prescribed manner
In the prоcess оf generаting аn аctiоn potential; which of the following is the next step after the neuron has reached threshold.
comparability – The ability to make relative assessments of companies.

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