Intro to Business- Accounting

Anything of value that is owned, such as cash and buildings

• account

• assets

• withdrawal

• expense

Income earned for the period, such as from the sale of goods and services.

• asset

• expense

• withdrawl

• revenue

________ claims against assets(accounts payable, loans, etc)?

• assets

• liabilities

• owners equity

• vehicles

What is the correct formula for the accounting equation?

• Revenue+Assets=Liabilities

• Capital+Assets=Liabilities

• Liabilities+Capital=Assets

Amount to be paid in the future for goods or services already acquired

• Accounting Equation

• Accounts Payable

• Accounts Receivable

• Merchandise Inventory

Amount to be received in the future due to sale of goods or services.

• Accounting Equation

• Accounts Payable

• Accounts Receivable

• Merchandise Inventory

The goods a business has on hand for sale to customers

• Accounting Equation

• Accounts Payable

• Accounts Receivable

• Merchandise Inventory

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

• Liabilities

• Owners Equity

• Assets

The expense incurred by a business in its normal operations.

• Liabilities

• Owners Equity

• Assets

• Operating Expense

A statement that reports Assets, Liabilities, and owners equity on a specific date.

• Balance Sheet

• Financial Statements

• Income Statement

• Working Capital