A, L & SE
These are items owned that have monetary value
What are assets?
It is anything of value that a person or business owns and therefore controls
What is property?
Assets, liabilities, and owners capital fall under this type of account
What is permanent accounts?
When a business buys a computer with cash, its cash ______, but its computer equipment ________
What decreases and increases?
This professor completed his PhD in the University of Lancaster, UK
Professor Abed Al-Nasser
These are the 2 ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Owner's Equity+Liabilities?
The business or person selling the item on credit, can be any person/business you owe money to
Who is a creditor?
Revenue, expenses, and owner's withdrawals fall under this type of account
What is temporary accounts?
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
This professor enjoys horseback riding
Who is Professor Karen?
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
1) Identify the accounts affected 2) Classify the account affected 3) Determine the amount of increase or decrease for each account affected 4) Make sure the accounting equation remains in balance
What is analyze a business transaction?
When you buy something and agree to pay for it later
What is Credit?
If a business closes, the claims of these individuals are settled first.
Who are creditors?
This professor is on a fitness journey in the gym
Who is Professor Ashraf?
This is the difference between total assets and total liabilities.
What is Owner's Equity?
Decreases both assets and owner’s equity
What is a withdrawal?
Property or items of value owned by a business
What are assets?
This system is used to analyze and record a transaction
What is a double-entry accounting?
This professor completed their undergrad and masters in AUS
Who is Professor Rana?
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
It is a legal right to property
What is a financial claim?
Is a list of all accounts used by a business.
What is a chart of accounts?
Income earned from the sale of goods or services is called?
What is revenue?
Professor Taiser's best feature is ...
What is his smile?