Chapter 1 Flashcards
1
Q
Cash is an asset
True or False
A
True
2
Q
Balance sheet accounts are arranged into _______ general categories
A
Three
3
Q
The owners claim on a company’s asset is called _______
A
Equity
4
Q
Accounts Payable and Notes Payable are examples of _______ accounts
A
Liability
5
Q
Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of _______ accounts
A
Asset
6
Q
A _____ is a record of increases and decreases in a specific asset, liability, revenue, or expense item
A
Account
