Assets, Liabilities & Owner's Equity

Front

A truck that is paid for is an example of a(n)

Back

asset

Front

When you borrow money it is said to be a(n)

Back

liability

Front

Accounts Payable is a(n)

Back

Liability

Front

Accounts Receivable is a(n)

Back

Asset

Front

An expense makes which account go down? Options: Assets, Liabilities, Owner's equity

Back

Owner's equity

Front

If liabilities are $3,000 and Owner's Equity is $8,000, What are the value of the assets?

Back

$11,000

Front

Cash is classified as a(n)

Back

asset

Front

When an owner withdraws cash from a business for personal use it is a reduction of

Back

Owner's equity

Front

Office Supplies are classified in the accounting equation under

Back

Assets

Front

Prepaid expenses, such as prepaid insurance, are classified as:

Back

Assets