Accounting

credits on the

• left
• right

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

• assets
• liabilities
• profit
• expenses

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

• assets
• liabilities
• profit
• income

What type of account is Capital?

• Asset

• Liability

• Owner's Equity

An amount owed by a business

• Accounting

• Asset

• Liability

• Owner's Equity

What type of account is Accounts Payable?

• Asset

• Liability

• Owner's Equity

Anything of value that is owned

• Accounting

• Asset

• Liability

• Owner's Equity

Assets are $50,000. Liabilities are $12,000. What is Owner's Equity?

• $38,000

• $62,000

• None of the Choices