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What is an asset?
An ASSET is a useful or valuable thing, person, or quality
What is a liability?
Liabilities are something that you owe other parties
What side does debit go on?
The LEFT side!
What side does credit go on?
The RIGHT side!
WHAT IS THE FUNDAMENTAL ACCOUNTING EQUATION??
Assets= Liability + Owner's Equity
What is a balance sheet?
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time
What are 3 examples of liabilities?
Accounts Payable (A/P), Mortgage, Bank Loan
What are 3 examples of assets?
Cash, Accounts Receivable, Supplies
What can drawings, revenues and expenses be classified under?
The EXPANDED LEDGER, under owner’s equity
A balance sheet must always ________?
BALANCE
What financial statement handles revenues and expenses?
Income Statements
What are two types of financial Statements?
The Balance Sheet, and an Income Statement