Assets

It is a financial statement that reports the assets, liabilities, and equity of a company on a given date.

• Statement of Income

• Statement of Financial Position

• Statement of Cash Flow

• Statement of Changes in Equity

"A/An ________ is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.”

• Asset

• Liability

• Owner's Equity

• None of the above

Includes coins, currencies, checks, bank deposits, and other cash items readily available for use in the operations of the business.

• Cash

• Receivables

• Payables

• Securities

What are the three elements of financial position?

• Assets

• Expenses

• Liabilities

• Owner's Equity

It is the amount collectible from the customer to whom sales have been made or services have been rendered on account or credit.

• Notes Receivable

• Interest Receivable

• Accrued Income

• Accounts Receivable

It is a promissory note issued by the client or the customer in exchange for services or goods received as evidence of his/her obligation to pay.

• Accounts Receivable

• Notes Receivable

• Interest Receivable

• Accrued Income

Stocks and bonds purchased by the enterprise and are to be held for only a short span of time or short duration.

• Marketable Securities

• Government Bonds

• Cash Equivalents

• Non-current assets

This is deducted from the accounts receivable account to get the net realizable value.

• Accumulated Depreciation

• Allowance for Bad Debts

• Prepaid Expenses

• Prepaid Income

Income already earned but not yet received.

• Accrued Income

• Service Income

• Gross profit

• Sales Revenue

Include supplies bought for use in the business or services and benefits to be received by the business in the future paid in advance.

• Prepaid expenses

• Accrued Income

• Supplies Expense

• Operating Expenses