4: Preparing the Financial Statements (final accounts) Flashcards
1
Q
how many categories can an account fall into
A
five
2
Q
What are the 5 categories of accounts
A
- assets
- liabilities
- equity
- revenue
- expenses
3
Q
where are assets shown
A
on the balance sheet
4
Q
What is a prepaid expense
A
something you pay for in advance and is classed as an assete
5
Q
Where are liabilities shown
A
balance sheet
6
Q
Where are equities shown
A
balance sheet
7
Q
Where is revenue shown
A
income statement
8
Q
A
