Asset
What is an asset
something that makes you money
What is a liability
Something that takes money out of your pocket
What is a debit example
Asset
or
Sale
Asset!
which of these do not go up in the credit column
Liabilities
Expenses
Sales
Expenses
Did rich dad say this
“The poor and the middle class work for money. The rich have money work for them.”
Yes
Which is an asset
A. House
B. accounts payable
C. Tuition
A
example of liability
Morgage, Loans
House, Accounts receivable,
Morgage, loans
T or F
when cash is debited it goes down
false very false
T or F
A credit contains liabilities, sales and expenses
False it doesn't include expenses
Did rich dad say
"Money buys happiness"
No if you said yes ur dumb sorry not sorry
Which one is an asset
Accounts payable vs Accounts receivable?
What is accounts recievable
which is liability
accounts payable vs accounts receivable
accounts payable
T or F
Accounts receivable goes up when debited
Trueeeeeeeeeeeeee
does account receivable go up or down in the credit column
In the credit column it goes down.
Did rich dad say this
Your house is not an asset; it’s a liability.”
Yes! your a smarty pants if you said yes
Is your home really an asset or a liability
yes it is a asset. a mortgage is a liability
Is a morgage an asset of a liability
liability
T or F
when your business pays for repairs, it is a debit
true because it is an expense and an expense is on the debit side
if I buy 200$ of supplies with cash, what goes in the credit column.
Cash.
Did rich dad say
Make you work for money
Nope. if you said yes look at the wording
Rental real estate is this because tenants pay you every month.
Asset
why is accounts payable a liability
because you have to pay them at some point which is taking money out yo pocket
Every month you pay $3,000 from your bank for your home mortgage.
True or False: This $3,000 is a DEBIT to your Cash.
True
if I buy 900$ of supplies on credit what goes in the credit column, and does it go up or down?
Did rich dad say this
“It’s not how much money you make. It’s how much you keep.”
yes!