Accounting Elements Flashcards
1
Q
Current Assest
A
Future economic benefit
2
Q
Expense
A
Not going to the owner (drawings)
3
Q
Income
A
Increases profit and equity
4
Q
Current Liability
A
Future sacrifice of assets
5
Q
Current Liability
A
Present obligation
6
Q
Expense
A
Decreases profit and equity
7
Q
Income
A
Not an owners contribution
8
Q
Current Asset
A
Resource controlled at the present time
9
Q
Income
A
Not an owners contribution
10
Q
Expense
A
Decreases profit and equity
11
Q
Income
A
Increases assets or decreases liabilities
12
Q
Expense
A
Decreases assets or increases liabilities
13
Q
Current Asset or Current Liability
A
Result of a past transaction
