SUPA ACC - The Basics #1

What is the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders?

(a)  

What are resources of economic value owned by a business?

(a)  

What is an amount owed (debt) by a business?

(a)  

What is the owners' claim to assets?

(a)  

What are amounts a company is waiting to receive in the future from a customer for the sale of goods or services?

(a)  

What are amounts a company owes for goods or services already acquired on account (on credit)?

(a)  

What is a transaction in which the merchandise purchased and received by a company is to be paid to their suppliers at a later date, recorded in their accounts payable?

(a)  

What is an equation showing the relationship among assets, liabilities, and owner's equity?

(a)  

What is the equation Assets = Liabilities + Owner's Equity known as?

(a)  

What represents increases in value of a financial account with Debit side - Assets, Dividend/Draw, Expenses and Credit side - Liability, Equity, Revenue?

(a)