Accounting basics
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Last updated 3:49 PM on 3/2/25
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20 Terms
1
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Assets are the resources that you own that help you in operating the business, in generating __________.
value.
2
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Liabilities are the items or amounts you owe to __________.
external parties.
3
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The accounting equation states that equity equals assets minus __________.
liabilities.
4
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The two types of assets discussed are __________ and __________.
current assets; noncurrent assets.
5
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The difference between income and expenses determines if a business has made a __________ or a __________.
profit; loss.
6
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The statement that presents financial position at a moment in time is called the statement of __________.
financial position.
7
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Inventory consists of the goods you __________ in your business.
sell.
8
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Equity represents the __________ of ownership in a business.
share.
9
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An example of a liability is __________ payable, which includes money owed to suppliers.
accounts.
10
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An asset that does not have a physical presence but provides benefits to a business is known as an __________ asset.
intangible.
11
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The costs incurred to operate a business are classified as __________.
expenses.
12
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Revenue generated from selling products or services is referred to as __________.
income.
13
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When a company makes a profit, it __________ the owner's equity.
increases.
14
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The opposite of accounts payable is __________, which refers to the money owed to a business.
accounts receivable.
15
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The five elements in accounting are assets, liabilities, __________, __________, and __________.
equity; income; expenses.
16
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The concept where all transactions must balance in accounting is likened to __________.
Thanos.
17
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Current assets are expected to be converted into cash within __________ months.
twelve.
18
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A liability that represents money received in advance for services not yet rendered is called __________ received in advance.
income.
19
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The financial document that summarizes a company’s revenue and expenses over a period of time is called the statement of __________ income.
comprehensive.
20
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In accounting, transactions that increase or decrease elements affect the __________ equation.
accounting.
Flashcards (32)