Accounting Semester

The accounting equation is

• Assets = Liabilities + Owners Equity

• Assets = Liabilities - Owners Equity

• Assets = Liabilities / Owners Equity

• Assets = Liabilities * Owners Equity

Assets are what you

• owe

• own

• deliver

• found

Liabilities are what you

• owe

• own

• deliver

• found

Owner's Equity may have derived from company

• profits.

• balance sheet.

• liabilities.

• assets.

• general journal

The cost of goods or services for a business?

• Accounts Payable

• Interest

• Expense

• Liability

• Credit

A business paper from which information is obtained for a journal entry.

• Memorandum

• Source Document

• Sales Slip

• Invoice

• Check

A business form ordering a bank to pay cash from a bank account.

• Memorandum

• Source Document

• Sales Slip

• Invoice

• Check

A list of accounts used by a business.

• Source Document

• Journal

• Chart of Accounts

• Journalizing

• Net Worth Statement

Recording transactions in a journal.

• Source Document

• Journal

• Chart of Accounts

• Journalizing

• Net Worth Statement

Financial reports that summarize the financial condition and operations of a business.

• Source Document

• Journal

• Chart of Accounts

• Journalizing

• Financial Statements