Balance Sheet Flashcard

Front

What does a "Balance Sheet" list?

Back

Assets, Liabilities, Owner's Equity

Front

Which of the following is an "Asset"? Loan, Inventory, Mortgage, Accounts Payable

Back

Inventory

Front

Which of the following is a component of a "Balance Sheet"? Revenue, Owner's Equity, Expenses, Net Profit

Back

Owner's Equity

Front

"Machines" go under what section of a "Balance Sheet"?

Back

Assets

Front

Which of the following is something a company owns? Liabilities, Accounts Receivable, Loans, Accounts Payable

Back

Accounts Receivable

Front

What is an example of a "Liability"? Options: Petty Cash, Debt, Office supplies, Company vehicles

Back

Debt

Front

Which best describes "Petty Cash"?

Back

A small amount of cash for minor expenses

Front

What does "liabilities" mean in accounting?

Back

Company debts

Front

Which of the following is an example of "Owner's Equity"? Options: Accounts Payable, Investment Capital, Bank Loan, Credit Card Debt

Back

Investment Capital

Front

On a "Balance Sheet" what does "Assets" mean?

Back

Resources owned by the company