Financial Statement Flashcards
1
Q
ALEDRE
A
Assets
Liabilities
Equity
Drawings
Revenue
Expenses
2
Q
Debit:
A
Assets
Drawings
Expense
3
Q
Credit:
A
Liabilities
Equity
Income
4
Q
Economic resource of a company to generate profit
A
Assets
5
Q
Debts and accountabilities
A
Liabilities
6
Q
assets that can be easily converted into cash
A
Current Asset
7
Q
assets that cannot be realized
A
Non Current Asset
8
Q
liabilities that are not more than a year
A
Current Liabilities
9
Q
more than a year liabilities
A
Non Current Liabilities
10
Q
Parts of A Financial Statement
A
a. Journal Entry
b. T-Account
c. Financial Statement
d. Trial Balance
11
Q
date, transaction, debit, credit
A
Journal Entry
12
Q
stratified by transaction
A
T-Account
13
Q
Assets minus the liability
A
Owner’s Equity
14
Q
Financial Statement includes the:
A
Assets
Liabilities
Owners Equity
