Accounting

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

• assets
• liabilities
• profit
• expenses

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

• assets
• liabilities
• profit
• income

Assets increase on the ________ side?

• subsidiary

• T-account

• credit

• debit

owners equity decreases on the _________ side?

• credit

• debit

• payments

• liability

assets decreases on the _______ side?

• debit

• two

• credit

• sixth

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

Equipment are an example of an/a ______?

• loan

• asset

• liability

• owners equity

trading stock is an/a ________?

• equity

• liabilities

• assets

• owners equity