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Accounting 101
Financial Statements
Balance Sheet
100
What are current assets
What are the assets that can be easily turned into cash. Usually assets in the period of a year?
100
What are financial statements
What are documents created to report the financial position of a business?
100
What is a balance sheet
What is a statement that lists its assets, liabilities, and equity?
200
What are expenses
What is the cost of everything but the cost of goods sold?
300
What is accounts payable
What is a liability that results from buying goods and services on credit?
400
What is a creditor
What is the term for somebody the business owes money?
500
What is depreciation
What is the loss of value of an asset over time?