Vocab
A, L & OE
Is it A, L, or OE
+, -, nothing
100

The accounting equation is

What is assets = liabilities + owner's equity?

100
These are items owned that have monetary value
What are assets?
100

Capital Account

What is owner's equity?

100

Receiving cash for sales does what to equity?

What is +?

200

A amount that a company owes 

What is a liability?

200
A = L + OE
What is the Accounting Equation?
200

Cash

What is asset?

200

Paying cash on account does what to accounts payable?

What is -?
300

Total Assets - Total Liabilities = 

What is net worth?

300
The amount of liabilities if assets are $2,000 and owner's equity is $500
What is $1,500.
300

Accounts Payable

What is liability?

300

Buying prepaid insurance does what to equity?

What is nothing?

400

The process of planning, recording, analyzing, and interpreting financial statements 

What is accounting?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400

Anything Owned (supplies, for example)

What is an asset?

400

Selling goods on account does what to cash?

What is nothing?

500

The cost of goods or services to operate a business

What is an expense?

500
Account on the balance sheet that represents the amount owed for purchasing supplies on credit
What is Accounts Payable?
500

Accounts Receivable

What is asset?

500
The owner withdrawing cash does what to cash?

What is -?

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