Intro To Accounting And Business Flashcards
1
Q
Is equipment an asset, liability, or stockholders equity?
A
Asset
2
Q
The accounting equation
A
Assets = Liabilities + Owners equity
3
Q
What is land?
A
Asset
4
Q
What is Accounts Payable?
A
Liability
5
Q
What are supplies?
A
Asset
6
Q
What is Capital Stock?
A
Stockholders Equity
7
Q
What is Fees Earned?
A
Stockholders Equity
8
Q
What are Expenses?
A
Stockholders Equity
9
Q
What is Accounts Receivable?
A
Asset
10
Q
What are Dividends?
A
Stockholders Equity
11
Q
What is the normal balance of Accounts payable?
A
Credit
12
Q
Chart of Accounts
A
A list of accounts in the ledger
13
Q
Ledger
A
A group of accounts for a business entity
14
Q
What is the normal balance of revenue?
A
Credit
16
Q
What is the normal balance of expenses?
A
Debit