Assets and Liabilities
Balance Sheet
Income Statement
100
Land, Cash, Vehicles, Etc.
What is an Asset?
100
Assets - Liabilities = Owner's Equity
What is the Accounting Equation?
100
Revenue - Expenses = Net Income
What is the equation for an Income Statement?
200
Lease, Wages, Income Taxes, Etc.
What is a Liability?
200
Assets minus liabilities
What is Owner's Equity?
200
Revenue = Expenses + Net Income
What is the equation for an Income Statement?
300
a thing for which someone is responsible, especially a debt or financial obligation.
What is the definition of a Liability?
300
Asset = Liabilities + Owner's Equity
What is the Accounting Equation?
300
Amounts earned by a company in its main operating activities
What is Revenue?
400
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
What is the definition of an Asset?
400
Owner's Equity, Assets, and Liabilities
What are the elements of a balance sheet?
400
The financial statement that reports the revenues and expenses for a period of time such as a year or a month
What is an Income Statement?
500
Unearned Revenues
What is a Liability?
500
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date
What is the definition of a balance sheet?
500
The financial statement that reports the revenues and expenses for a period of time such as a year or a month
What is the definition of an Income Statement?
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