Acct 1101 Ch 1 In-Class Quizizz

Amounts earned when the company sells goods or provides a service, when the company "makes money"

• Revenue
• Expense
• Dividends
• Stockholders' Equity

Represents amounts contributed to the business by the owners.

• Asset
• Liability
• Common Stock
• Retained Earnings

Owners' total claims on the company's assets

• Revenue
• Expense
• Dividends
• Stockholders' Equity

Future economic sacrifice, something you owe

• Asset
• Liability
• Common Stock
• Retained Earnings

The buildup of profits in the company that have not yet been returned to the owners.

• Asset
• Liability
• Common Stock
• Retained Earnings

A future economic benefit, something you own or are owed

• Asset
• Liability
• Common Stock
• Retained Earnings

Costs incurred to generate revenue, when the company "spends money"

• Revenue
• Expense
• Dividends
• Stockholders' Equity

Return of the company's profits back to the owners

• Revenue
• Expense
• Dividends
• Stockholders' Equity

Fill in the blanks:

Assets [ ] Liabilities [ ] Stockholders' Equity

• = , +

• = , -

• + , =

• - , =