Finance Career Cluster

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

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

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• Cash Statement

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Owner Equity
• Equity

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Debt
• Owner Equity

Liabilities often have the word __________ in their account title.

• Assets
• Payable
• Paid
• Equity

Expenses are those items that are:

• Direct costs for producing goods

• Costs associated with operating a business

• All the company outflows

A formal examination of a company's financial records for accuracy and compliance with regulations.

• accounting
• audit
• budget
• income statement