ABM 2 Statement of Financial Position quiz

economic obligations or payables of the business

• Liabilities

• Assests

• Capital

• Revenue

known as net assets/equity

refer to what is left to the owners after all liabilities are settled

• Revenue

• Capital

• Expenses

• Income

accounts that are increasing in DEBIT

• Assets, Drawing, Expenses

• Assets, Revenue, Capital

• Assets, Liabilities, Capital

• Revenue, Expenses

term that refers to accounts that are real or permanent

• Income statement accounts

• Contra asset accounts

• Balance sheet accounts

• Revenue accounts

Accounts that are nominal or temporary

• Income statement accounts

• Contra asset accounts

• Balance sheet accounts

• Revenue accounts

• - is a statement of the financial position of a business

• - illustrates the net worth of a business

• Income statement

• asset statement

• statement of financial accounts

• Balance sheet

refers to the side account – debit & credit –where increases are recorded

• Balance sheet

• Normal balance

• Double entry system

• Report form

for every transaction there must be how many accounts debited & credited

• 1

• less than 2

• 1 or more

• only 2

an account that stores all transactions that involve cash receipts and cash payments

• Assets

• Notes Payable

• Unearned revenue

• Cash

Assests that can be realized one year after the year-end date

• Current assets

• Non current assets

• Debits

• Cash