The Accounting Equation

Front

The Accounting Equation must always be in balance.

Back

True

Front

Reporting, recording, analyzing, and interpreting financial information is called

Back

accounting

Front

Anything of value that is owned is called a(n)

Back

asset

Front

The amount remaining after the value of all liabilities is subtracted from the value of all assets is called

Back

owner's equity

Front

Assets = Liability + Owner's Equity is known as _____________?

Back

The Accounting Equation

Front

Obligations that you owe to others represent the

Back

liabilities

Front

Cash, accounts receivable, and equipment are all examples of

Back

assets

Front

Stocks are part of the

Back

owner's equity

Front

If liabilities equal $400 and owner's equity equals $800, what do the assets equal?

Back

$1,200

Front

If assets equal $1,800 and liabilities equal $800, what must owner's equity equal?

Back

$1,000