The Accounting Equation
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Elena SIMMONS
FREE Resource
Student preview

7 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is an asset?
Back
An asset is a resource that is expected to provide a future benefit to its owner.
2.
FLASHCARD QUESTION
Front
Where are business assets reported?
Back
In the case of businesses, assets are reported on the business's balance sheet.
3.
FLASHCARD QUESTION
Front
Can you give examples of assets?
Back
Examples include cash at bank, inventories, furniture, equipment, motor vehicles, accounts receivable, buildings, and land.
4.
FLASHCARD QUESTION
Front
What is a liability?
Back
Something that is owed to somebody else.
5.
FLASHCARD QUESTION
Front
What is another name for a current liability?
Back
Short-term liability
6.
FLASHCARD QUESTION
Front
What is another name for a non-current liability?
Back
Long-term liabililty
7.
FLASHCARD QUESTION
Front
What is Owner's Equity?
Back
Owner’s Equity represents the value that would be returned to a business’s owners if all of the assets were liquidated and all of the company's debts were paid off.
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