Definition Term Assets Common Stock Creditors 1. The economic benefit (increase in assets) gained by providing goods or services to customers. 2. Investors who purchase common stock. 3. The economic sacrifice (decrease in assets) incurred in the process of providing goods or services to customers. 4. Created when a company borrows money from a bank. 5. Assets minus liabilities and retained earnings. 6. Occurs when expenses exceed revenues during the year. 7. Individuals or institutions that have loaned goods or services to a business. 8. Complete set of accounts used in accounting systems. 9. Occurs when revenue exceeds expenses during the year. 10. Assets minus liabilities. 11. The section of the statement of cash flows that reflects cash paid for expenses. 12. The section of the statement of cash flows that reflects cash collected from the issue of stock. 13. The section of the statement of cash flows that reflects cash paid to purchase land. 14. The item shown on the statement of changes in stockholders' equity that represents a transfer of wealth from a business to its owners. 15. Equal to liabilities plus stockholders' equity. 16. A stockholders' equity account that contains the amount of net income earned minus dividends paid since the inception of the business