Statement of Financial Position

These are the resources owned by the company that can provide future economic benefits.

• Assets

• Liabilities

• Owner's Equity

These are the cost of goods and services that are used or consumed in the operation of the business.

• Expenses

• Income

• Liabilities

It informs the users of the financial condition of the business at a given date.

• Statement of Financial Position

• Financial Statement

• Statement of Income

Another name for the statement of Financial Position.

• Balance Sheet

• Income Statement

• Pofit and Loss Statement

A debt or obligation owed to others.

• Liabilities

• Assets

• Owner's Equity

An increase in economic benefits during the period of time in the form of inflows.

• Liabilities

• income

• expenses

Cash in Bank is classified as

• Current Asset

• Current Liability

• Noncurrent Asset

• Noncurrent Liability

Account Receivable is classified as

• Current Asset

• Current Liability

• Noncurrent Asset

• Noncurrent Liability

Notes payable is classified as

• Current Asset

• Current Liability

• Noncurrent Asset

• Noncurrent Liability

Furniture and Fixtures is classified as

• Current Asset

• Current Liability

• Noncurrent Asset

• Noncurrent Liability