Accounting 100 Flashcards
1
Q
what is the accounting equation?
A
asset = liability + owner’s equity
2
Q
Define accounting equation
A
equation that expresses the relationship between the accounting elements in simple mathematical formula
3
Q
What is the accounting period?
A
period for which accounting records are maintained & financial statements are issued; can be short as a month or as long as a year
4
Q
Define Asset
A
resources owed by a business used to generate future revenues
5
Q
accounts payable
A
liability from purchasing assets or incurring expenses on account (on credit)
6
Q
A
7
Q
A
8
Q
A
9
Q
A
10
Q
A
11
Q
A
12
Q
A
13
Q
A
14
Q
A
15
Q
A
