Ch 7 Section 2 Review

Ch 7 Section 2 Review

Assessment

Flashcard

Business

9th - 12th Grade

Hard

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3 questions

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1.

FLASHCARD QUESTION

Front

When creating the Balance Sheet, which is the correct date format? Options: For the Month Ended January 15, 2024; For the Period Ended January 15, 2024; January 15, 2024

Back

January 15, 2024

2.

FLASHCARD QUESTION

Front

What is the accounting equation?

Back

Assets = Liabilities + Owner's Equity

3.

FLASHCARD QUESTION

Front

How do you calculate the owner's capital account?

Back

Owner's Equity Account Number from Worksheet + Net Income