accounting cycle

The owner invest to the business.

• Assets (I)

• Liabilities (D)

• Equity (D)

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

What are the two elements of income statement?

• income/revenue

• Expenses

• Liabilities

• Owner's Equity

What business own?

• Liability

• Asset

• Property

• Net Worth

Assets = Liabilities +...................

• owners equity

• profit

• loss

• assets

Examples of fixed assets in Regent School Secondary include:

• Building

• teachers

• students

• school fees

Which of the following is considered an asset?

• Bank Loan
• Mortgage
• Debit Card
• Savings account

Which of the following is considered a liability?

• Savings Account
• Mortgage
• Savings bond
• Coin Collection

What do you call the result of operation at a given period of time if the expenses is larger than the total income?

• net loss

• net profit

• retained earnings

• equity

It is a financial statement that reports the profit or loss of a company on a given date.

• Income statement

• Balance sheet

• Statement of Cash Flow

• Statement of Changes in Equity