Chapter 1 Flashcards
1
Q
Chart of Accounts
A
List of all of the account titles a company usues in buisness
- Assest
- Liability
- Owners Equity
- Revenue Accounts
- Expense Accounts
2
Q
List of accounts
A
- Assets: Record here what company Owns
- Liability: Record here what the company owes
- Owner’s Equity: Record here how much the owners put into and take out of the company
- Revenue: Record here revenues from sales of products andservices the company has earned
- Expense: Record here expenses