The Accounting Equation

Front

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

Back

The Accounting Cycle

Front

The image attached shows the:

Back

Accounting Equation

Front

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

Back

Liabilities

Front

The Balance Sheet is also called:

Back

The Statement of Financial Position

Front

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

Back

As at July 30, 2023

Front

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

Back

Double Entry

Front

Resources owned by the firm:

Back

Assets

Front

What the business owes.
Options: Assets, Liabilities, Owner's Equity, Cash

Back

Liabilities

Front

Money owed to the business

Back

Accounts Receivable

Front

Vehicle, Factory Premises and Cash at Bank:

Back

Assets