If Assets are $ 112,000 and Liabilities are $ 32,000 then Owner's Equity is ________.
What is $ 80,000?
100
Items of value owned by a business or a person.
What are Assets?
100
Providing financial information for decision making.
What is the purpose of accounting?
100
BAF3M
What is our course code?
100
Items listed on the right.
What are Liabilities and Owner's Equity?
200
If Liabilities are $ 46,000 and Owner's Equity is $ 27,000 then Assets are _________.
What is $ 73,000?
200
A person's net worth.
What is personal equity?
200
Requires that each business be considered a separate entity, and that the financial data for each business be kept separate from the owner's personal financial data.
What is the Business Entity Principle?
200
Miss Pettit
Who is our Teacher?
200
Used under the totals on the left and the right.
What are double underlines?
300
If Assets are $ 145,000 and Owner's Equity is $ 110,000 then Liabilities are _________.
What is $ 35,000?
300
Debts of a person or a business.
What are Liabilities?
300
Owner or owners, management, bankers and creditors, investors and government.
Who are the users of accounting information?
300
Room 108
Where is our class located?
300
Used on the first figures and the last figures.
What are dollar signs?
400
Liabilities are $28,126 and Assets are $ 42,897
What is Owner's Equity of $ 14,771?
400
A = L + OE
What is the Balance Sheet Equation?
400
Generally Accepted Accounting Principles
What is GAAP?
400
Principles of Accounting
What is our textbook?
400
Used before any total is calculated.
What is a single underline?
500
Owner's Equity is $68,992 and Assets are $ 483,202.
What are Liabilities of $ 414,210
500
The financial status of a person or company represented by the assets, liabilities, and net worth or personal equity.
What is financial position?
500
These terms can be used interchangeably, however, in practice there is a difference between the two.