To provide financial information for decision making
What is the purpose of accounting?
100
The total amount due from customers
What is Accounts Receivable?
200
Debts of a business or a person
What are Liabilities?
200
A-L
What is equation for Owner's Equity?
200
Liabilities section
What are the claims of the creditors against the Assets?
200
It requires that each business be considered a separate entity, and that the financial data for the business be kept separate from the owner's personal financial data
What is the Business Entity Principle?
200
The order in which Assets would likely be converted into cash
What is Liquidity order?
300
A person's net worth
What is Personal Equity?
300
A - OE
What is the equation for Liabilities?
300
Owner's Equity section
What is the owner's claim against the Assets?
300
Double lines
What is used under the amounts of Total Assets and Total Liabilities and Owner's Equity in the Balance Sheet?
300
The total amount owed to suppliers for the purchase of goods or services by the business?
What is Accounts Payable?
400
Owner's investment in a business
What is Owner's Equity?
400
A = L + OE
What is the Balance Sheet equation?
400
Who and What and When
What is the heading on a Balance Sheet?
400
Single line
What is placed under a list of numbers in a financial statement before you add up the list of numbers?
400
A financial statement that lists the Assets, Liabilities, and Owner's Equity at a specific date
What is a Balance Sheet?
500
A person or a business that has loaned money or extended credit
What is a creditor?
500
Balance Sheet Equation
What is A = L + OE?
500
Land, Building and Equipment
What Assets are listed in order of their useful life to the business, with the longest lasting listed first?
500
Dollar signs
What is placed at the top and bottom of each section in the Balance Sheet?