Fundamentals of ABM Long quiz

It is also known as the balance sheet.

Things owned by the Business.

Refers to the investment or equity of the owner

Debts owned by the Business

Equity is residual interests

• True

• False

Paid/Earned

• Settled

• Realized

Collected/used

• Settled

• Realized

Cash, Tools, Equipment, Building and Land.

• Assests

• Liabilities

• Capital

• Equity

What are the 3 elements of Statement Financial of Position?

• Income, Profits, Capital

• Assets, Liabilities, Equity

Assets is what you call " What you owe"

• True

• False