Understanding Accounting

Front

If Mrs. Andrews takes out a loan for $1000 to buy a computer desk, I would change the ________ on my balance sheet.

Back

Asset & Liability column

Front

A balance sheet is also called a _____________.

Back

Snapshot

Front

In Income Statement is used to record ____ and ____.

Back

Revenue and Expenses

Front

What financial statement helps you plan your expenses Before you have spent any money?

Back

Budget

Front

Christopher has $10,000 in cash and no liabilities. He purchases a ring for Aalian for $3,500, paying cash. How much is his equity?

Back

$10,000

Front

If Aziah buys a house for $300,000, and puts $150,000 down as a down payment taking the rest out as a loan, how much equity does he have?

Back

$150,000

Front

After Tyler deducts all of his expenses, the money left over is his _______?

Back

Net

Front

Which of Morgan's assets is guaranteed to Lose Value over time because of depreciation? Options: Cash, Car, House, Stocks

Back

Car

Front

Which of Tiffany's assets, according to liquidity, is the MOST liquid? Options: Stocks then Cash, Cash then Stocks, House, then Stocks, Cash, then House

Back

Cash then Stocks

Front

T/F. Drequan's company trade's publicly, so he is required to publish a balance sheet every quarter.

Back

True