Basic & Expanded Accounting Equation Flashcards
1
Q
Basic Equation
A
Assets = Liabilities + Owners Equity
2
Q
Expanded Equation
A
Assets = Liabilities + Owner’s Capital - Owner’s Drawings + Revenues - Expenses
3
Q
Assets Examples
A
Cash
Accounts Receivable
Supplies
Equipment
Land
Buildings
4
Q
Liabilities Examples
A
Accounts Payable
Notes Payable
5
Q
Owner’s Capital Examples
A
Owner’s Capital
6
Q
Owner’s Drawing Examples
A
Owner’s Drawings
7
Q
Revenues Examples
A
Service Revenue
Sales Revenue
Unearned Revenue
8
Q
Expenses Examples
A
Advertising Expense
Salaries and Wages Expense
Rent Expense
Utilities Expense
Prepaid Expense
