The Accounting Equation

Select all the terms that can be used for "capital".

• Assets

• Owner's Equity

• Net Worth

• Liabilities

The name given to the sequence of events and processes that are used to develop the financial records of a business:

• Paper work

• Financial Records

• The Accounting Cycle

• The Accounting Equation

Select all the options that ARE part of the Accounting Cycle.

• Tallying

• Source Document

• Journals

• Ledgers

• Trial Balance

The image attached shows the:

• Accounting Equation

• Balance Sheet

• Accounting Cycle

• Book-keeping

Complete the following: Assets - ________ = Owner's Equity

• Accounts Receivable

• Accounts Payables

• Capital

• Liabilities

The Balance Sheet is also called:

• The accounting cycle

• The accounting equation

• The Financials

• The Statement of Financial Position

When heading up the Statement of Financial Position the date for example July 30, 2023, would be written in what format?

• As at July 30, 2023

• For the period ending July 30, 2023

• For the year ended July 30, 2023

• The format does not matter

For every business activity/transaction, there must be a debit and a credit entry This is referred to as:

• Book-keeping

• Balancing Entry

• Double Entry

• Single Entry

Resources owned by the firm:

• Assets

• Liabilities

• Owner's Equity

• Cash

What the business owes.

• Assets

• Liabilities

• Owner's Equity

• Cash