ACCOUNTING-Ch. 1

CASH IS:

• An Asset
• A Liability 
• Owner's Equity

ACCOUNTS RECEIVABLE IS:

• An Asset
• A Liability
• Owner's Equity 

How many accounts are affected when a transaction is made?

• One
• Two
• Three

SUPPLIES ARE:

• ASSETS
• LIABILITIES
• CAPITAL

PREPAID INSURANCE IS:

• ASSET
• LIABILITY
• CAPITAL

ACCOUNTS PAYABLE IS:

• AN ASSET
• A LIABILITY
• OWNER'S EQUITY

CAPITAL IS:

• AN ASSET
• A LIABILITY
• OWNER'S EQUITY

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

• Owner's Equity
• Capital
• Liabilities 

The account used to summarize the owner's equity in the business:

• Expenses

• Capital

• Asset

• Drawing

Anything of value that is owned:

• Asset
• Liability
• Owner's Equity