Financial Concepts Flashcard

Front

Which of the following is considered an asset in accounting?
Bank loan,
Office furniture,
Car insurance,
Employee salaries

Back

Office furniture

Front

If Buddy the Elf borrows money, which two columns is it listed under?

Back

Assets and Liabilities

Front

Asset:

Back

A tangible item a business owns.

Front

Which of the following is NOT a quick asset? cash, merchandise inventory, accounts receivable, marketable securities

Back

merchandise inventory

Front

Braelyn, Victor, and Diego are running a local bakery. They are trying to understand their current assets. Which of the following would NOT be considered a current asset in their bakery? Accounts Receivable, Land, Prepaid Insurance, Baking Supplies

Back

Land

Front

A(n)____ is any property or item of value owned by a business

Back

asset

Front

Supplies purchased on account that will be paid for at a later date is a liability.

Back

True

Front

What is an asset?

Back

A tangible item a business owns.

Front

Something of value. Anything you own

Back

assets

Front

Susan opened a business and invested $5,000 in cash and a computer worth $2,500. These investments will increase

Back

assets by $7,500