Elements of accounting reports

Assets is _______________.

including three main elements!

liability is a ___________.

including the three elements

Revenues are increases in assets or decreases in liabilities that result in ______ in

owner’s equity, other than those relating to contributions from the owner.

Expenses are ________ or increases in liabilities that result in decreases in owner’s equity, other than those relating to distributions to the owner.

Accounts payable is ...

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

bank is ...

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Accounts receivable is ...

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Mortgage is ...

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Inventory is ...

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Wages is ...

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses