Review of Term 1 and 2

This document is known as what?

• Account Equation

• Balance Sheet

• Income Statement

• Bank Statement

Match the following

• Equity

• Business has made sales and expenses are less then total sales.

• Liability

• Anything that is owned by the business.

• Assets

• Anything that is owed by the business.

• Net Income/Operating Income

• Business has made sales but expenses are more then total sales.

• Net Loss/Operating Loss

• The investment made into the business or the profit/loss of the business.

The costs incurred in the day-to-day operations of an organization.

• Bookeeper

• Profit

• Revenue

• Expenses

The total amount of money received from the sale of goods or services.

• Bookeeper

• Profit

• Revenue

• Expenses

The difference between what it costs to make and sell a product and what a customer pays for it.

• Bookeeper

• Profit

• Revenue

• Expenses

Money owed to a company by its clients or customers who have promised to pay for products at a later date.

• Current Assets

• Account Receivable

• Current Liabilities

• Account Payable

The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies.

• Statement of Financial Position

• Statement of the Comprehensive Income

• Statements of Cash Flow

• Cost of Goods Sold

The amount a company owes to suppliers for goods and services purchased with credit.

• Current Assets

• Account Receivable

• Current Liabilities

• Account Payable

A firm’s financial obligations to short-term creditors, which must be repaid within one year.

• Current Assets

• Current Liabilities

• Accounts Receivable

• Accounts Payable

The financial statement that reports the assets, liabilities, and shareholders equity at a specific date is the:

• Balance sheet

• Income Statement

• Trial Balance

• General Ledger