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FABM1 Accounting Terms and Account Titles

FABM1 Accounting Terms and Account Titles

Assessment

Flashcard

Business

11th Grade

Practice Problem

Easy

Created by

Marione Fauni

Used 4+ times

FREE Resource

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36 questions

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1.

FLASHCARD QUESTION

Front

Assets

Back

Resources owned by a business that have economic value.

2.

FLASHCARD QUESTION

Front

Liabilities

Back

Obligations or debts that a business needs to pay in the future.

3.

FLASHCARD QUESTION

Front

Equity

Back

The owner's claim on the assets of the business after all liabilities have been deducted.

4.

FLASHCARD QUESTION

Front

Drawings

Back

Withdrawals made by the owner from the business for personal use.

5.

FLASHCARD QUESTION

Front

Expenses

Back

The costs incurred in the process of earning revenue.

6.

FLASHCARD QUESTION

Front

Revenue

Back

The income generated from normal business operations.

7.

FLASHCARD QUESTION

Front

Cash

Back

Money in the form of currency, which includes banknotes and coins.

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