FABM Chapter 5 Reveiw Income, Expense, Equity or Liability Flashcards
1
Q
Receipt of Cash for services rendered to clients
A
Income
2
Q
Receipt of cash from collection of receivables
A
Income
3
Q
Collection of rental from lessees
A
Income
4
Q
Receipt of electric bill or the previous month
A
Expense
5
Q
Purchase of goods for cash
A
N/A «Cash»
6
Q
Purchase of supplies on credit
A
Liability
7
Q
Payment of cash to owner
A
Expense
8
Q
Investment of additional funds by owner
A
Equity
