Accounting

Question 1

assets

Answer 1

probable future economic benefits obtained or controlled by a particular entity as a result of past transactions

Question 2

liabilities

Answer 2

probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions

Question 3

equity

Answer 3

residual interest in the assets of an entity that remains after deducting its liabilities

Question 4

revenues

Answer 4

inflows or other enhancements of an entity or settlement of its liabilities during a period from delivering or producing g+s. or other activities that constitute the entity’s ongoing major or central operations

Question 5

expenses

Answer 5

outflows or other using up of assets or incurrences of liabilities during a period from delivering g+s,

Question 6

COGS

Answer 6

Beg Balance
\+purchases
=
cost of goods available for purchase
-ending balance
= 
COGS