abm q5

What is the accounting equation?

Which of the following is an example of a liability?

Who are the internal users of accounting information?

What is the function of accounting?

What form of business is owned by one person?

What is the normal balance of an asset account?

What is the first book of accounts where transactions are recorded?

What is another term for income?

Which financial statement shows the profit or loss?

What are the two types of accounts in a trial balance?

• Debit

• Credit