Chapter 1 Flashcards

1
Q

Chart of Accounts

A

List of all of the account titles a company usues in buisness

  1. Assest
  2. Liability
  3. Owners Equity
  4. Revenue Accounts
  5. Expense Accounts
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2
Q

List of accounts

A
  1. Assets: Record here what company Owns
  2. Liability: Record here what the company owes
  3. Owner’s Equity: Record here how much the owners put into and take out of the company
  4. Revenue: Record here revenues from sales of products andservices the company has earned
  5. Expense: Record here expenses
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