Assets
Name an asset account
What is Cash?
Name a liability account
What is accounts payable?
Name a stockholder's equity account that appears on the balance sheet
What is retained earnings?
Revenue and Expenses affect this piece of the accounting equation
What is Stockholder's Equity
The Acounting Equation
What is, Assets=Liabilities +Stockholder's Equity
An assets normal balance
What is debit?
A Liabilities normal balance
This makes stockholder's equity increase
What is a credit?
Revenue is increased by this, while Expenses are increased by this
What is Credit and Debit?
The financial statement that Assets, Liabilities, and Stockholder's equity appear on
What is the balance sheet?
Explain what assets are
This account would be credited when cash is received but revenue is not earned
What is deferred revenue?
Explain what retained earning are
Earnings the company has generated less any payouts to shareholders
Name a type of Revenue and a type of expense
What is sales revenue and rent expense?
Explain how the parts of the accounting equation are connected to each other in your own words
Assets are what the company does with the funds generated from Liabilities and SE