Assets,Liabilities, Income And Expenses Flashcards
1
Q
What are assets?
A
Items of value owned by a business.
2
Q
What are liabilities?
A
Money owed by a business to others.
3
Q
What is income?
A
Money received by a business from sales or services.
4
Q
What are expenses?
A
Money paid by a business to purchase goods or services.
5
Q
Give examples of assets.
A
money in the bank, inventory, accounts receivable.
6
Q
Give examples of liabilities.
A
Bank loans, accounts payable.
