SS B: Analysis of Transactions

Question 1

What are 6 commonly used accounts for Assets?

Answer 1

1. Cash
2. Accounts receivable
3. Notes receivable
4. Inventory
5. Prepaid expenses
6. PPE

Question 2

What are 3 commonly used accounts for liabilities?

Answer 2

1. Accounts payable
2. Notes payable
3. Accrued liabilities

Question 3

What are 5 commonly used accounts for equity?

Answer 3

1. Share capital
2. Expenses
3. Dividends
4. Income
5. Retained earnings