4: Preparing the Financial Statements (final accounts) Flashcards

1
Q

how many categories can an account fall into

A

five

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2
Q

What are the 5 categories of accounts

A
  1. assets
  2. liabilities
  3. equity
  4. revenue
  5. expenses
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3
Q

where are assets shown

A

on the balance sheet

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4
Q

What is a prepaid expense

A

something you pay for in advance and is classed as an assete

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5
Q

Where are liabilities shown

A

balance sheet

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6
Q

Where are equities shown

A

balance sheet

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7
Q

Where is revenue shown

A

income statement

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8
Q
A
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