NAME IT!

debts owed by the business

• assets

• liabilities

• capital

• revenue

Owned by the business.

• asset

• liabilities

• capital

• revenue

Accounting Equation

• assets = liability + revenue

• assets + liabilities = capital

• assets = liabilities +capital

• asset-revenue = capital

Which of the following is a current asset?

• land

• building

• automobile

• cash

Statement of Financial Position is also known as

• Income Statement

• Balance Sheet

• Trial Balance

• Adjusting Entries

Refers to the investments of the business.

• assets

• liabilities

• capital

• revenue

Cash on Hand

• current asset

• noncurrent asset

• current liability

• noncurrent liability

building

• current asset

• noncurrent asset

• current liability

• noncurrent liability

accounts payable

• current asset

• noncurrent asset

• current liability

• noncurrent liability

Bond payable

• current asset

• noncurrent asset

• current liability

• noncurrent liability