FABM Chapter 5 Review Elements of financial statements Flashcards
1
Q
Professional Fees Income
A
Income
2
Q
Unearned Professional Fees Income
A
Liability
3
Q
Cash
A
Asset
4
Q
Employees
A
Not an Element
5
Q
Accounts Receivable
A
Asset
6
Q
Allowance for doubtful accounts
A
Asset
7
Q
Goods held on consignment
A
Capital
8
Q
Prepaid Rent
A
Asset
9
Q
Office Supplies
A
Asset
10
Q
Accounts Payable
A
Liability
11
Q
Interest Payable
A
Liability
12
Q
Cash held in trust for another comapny
A
Not an element
13
Q
Balbado Capital
A
Capital
14
Q
Balbado Drawing
A
Capital
15
Q
Notes Receivables
A
Asset
