Accounting Equation
Flashcard
•
Business
•
12th Grade
•
Hard
Wayground Content
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12 questions
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1.
FLASHCARD QUESTION
Front
Cash is a ....
Back
Asset
2.
FLASHCARD QUESTION
Front
any "Payable" Account is
Back
Liability
3.
FLASHCARD QUESTION
Front
What a company owns is referred to Owners
Back
Equity
4.
FLASHCARD QUESTION
Front
The money value of a property or of an interest in property in excess of any claims or liens (as mortgage indebtedness)
Back
Equity
5.
FLASHCARD QUESTION
Front
The Balance sheet must "always" balance
Back
True
6.
FLASHCARD QUESTION
Front
Find the missing amount:
Assets = 1500
Liabilities = 1000
Owner Equity =
Back
500
7.
FLASHCARD QUESTION
Front
Find the missing amount: Assets = 100 Liabilities = Owner Equity = 200
Back
-100
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