Quiz-Meeting 1

Money owed to suppliers is called ....

• Aset

• Liability

• Equity

• Revenue

A record of financial transactions is called ....

• balance sheet
• ledger
• invoice
• cash flow statement

Company’s value after liabilities are subtracted is called ...

• Expense

• Revenue

• Equity

• Ledger

Money earned from sales is called ...

• expenses
• capital
• profit
• revenue

Money spent to run the business is called ...

• profit
• expenses
• lost

• revenue

Economic resource owned by the company is called ...

• asset
• revenue
• equity
• liability

Reduction in asset value over time is called ...

• amortiration

• depreciation
• inflation
• appreciation

Document requesting payment is called ...

• receipt
• bill of sale
• invoice
• payment confirmation

Examination of financial records is called ...

• audit
• evaluation
• assessment
• review

A financial statement showing assets, liabilities, and equity is called ...

• income statement
• cash flow statement
• balance sheet
• statement of changes in equity