Accounting Vocab & Main Concepts Review

Front

Value owed by a company is a(n)

Back

Liability

Front

Value owned by a company is a(n)

Back

Asset

Front

Increase in owner's equity from business operations

Back

Revenue

Front

When a business pays off an amount owed, it is recorded under:

Back

Accounts Payable

Front

When a business repays money owed, record as:

Back

Accounts Receivable

Front

Accounts Payable is a(n)

Back

Liability

Front

Accounts Receivable is a(n)

Back

Asset

Front

Accounting Equation

Back

Assets = Liabilities + Owner's Equity

Front

Paid cash on account to Lary Harry - affected accounts?

Back

Cash & Accounts Payable

Front

Sold services on account to Mary Barry - affected accounts?

Back

Accounts Receivable & Capital (REVENUE)