Statement of Financial Position

Something the business owns

• account

• asset

• withdrawal

• expense

Amount owed by a business

• liability

• asset

• capital

• account

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• None of These

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

• Statement of Financial Position

• Income Statement

• Statement of Cash Flows

• Cash Statement

The basic accounting equation is Assets=Liabilities + _______________________.
or
Assets - Liabilities = _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

Accounts Payable is a current liability.

• True

• False

A current asset is something which will turn into cash this year

• True

• False

Land is a

• NCL

• CL

• CA

• NCA

Mortgage is

• NCL

• NCA

• CA

• CL

Equipment is a NCA

• True

• False