Accounts
How many types of accounts is there?
6
True or false: balance sheets show the position of a business at a particular time
TRUE
True or false: An income statement shows the changes in cash.
FALSE
How many types of financial statements are there?
4
Which account contains cash, accounts receivable, prepaid accounts, supplies, inventory, and buildings?
Assets
What is the name of the equation associated with the balance sheet?
the accounting equation
What is the equation associated with income statements?
Revenue-expenses= net income
Which financial statement deals with cash?
Cash flow statement
Which account has to deal with capital?
Owners equity
What is the accounting equation?
Assets = Liabilities + Owners equity
What accounts are on a income statement?
Revenue and expenses
Which financial statement deals with increase or decrease of capital?
What three accounts have a debit balance and what three accounts have a credit balance?
Asset, Withdraw, and Expense have a debit balance.
Liabilities, Owners Equity, and Revenue have a credit balance.
True or false: another name for a balance sheet is the statement of financial position?
TRUE
True or False: Accounts receivable and cash would be posted on an income statement?
FALSE: accounts receivable is an asset account
What accounts are on a statement of owners equity?
Owners equity and withdraws
What account contains unearned revenue?
Liabilities
How much money do I have in assets if I have $150 in an accounts payable and $17,000 in capital?
$17,150
What is my net income if I have $15,000 in revenue and $7,000 in expenses?
$8,000
Which financial statement would the journal entries accounts payable, cash, and capital be posted on?
Balance sheet