Financial Statements
This statement tracks the cash going in and out of a business.
What is the statement of cash flows?
This GAAP Concept states that accounting information must be recorded in dollars.
What is the unit of measurement concept.
This basic equation represents the relationship between assets, liabilities, and owner's equity.
What is the basic accounting equation?
This financial statement contains only revenues and expense accounts.
What is the income statement?
This statement tells whether or not a business is making a profit.
What is the income statement?
This concept states that the accounting information of a business entity must be separate from any other entity.
What is the business entity concept?
Accounts under this element would normally have the word "payable" in its title.
What are liabilities?
What is $15,000?
This statement is often referred to as a snapshot of the business.
What is the balance sheet?
This GAAP Concept states that accounting information should initially be recorded at the purchase price.
What is the cost concept?
These accounts represents resources owned and control by the business.
What are assets?
This financial statement should be prepared second?
What is statement of owner's equity?
This statement interlinks the income statement and the balance sheet.
What is the statement of owner's equity?
This concept states that accounting information must be free of bias.
What is the objectivity concept?
Revenues, Expenses, owner's investment and drawings affects this accounting equation element.
What is owner's equity?
Monies received from the sale of a long-term asset is listed under this section of the statement of cash flow.
What is investing activities?