Accounting Basics

Front

Assets are $50,000. Liabilities are $12,000. What is Owner's Equity?

Back

$38,000

Front

An accounting device used to analyze transactions

Back

T-Account

Front

Assets are $120,000. Owner's Equity is $95,000. What is the Liability?

Back

$25,000

Front

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

Back

Owner's Equity

Front

An amount recorded on the left side

Back

Debit

Front

What type of account is Accounts Payable?

Back

Liability

Front

What type of account is Cash?

Back

Asset

Front

Planning, recording, analyzing, and interpreting financial information

Back

Accounting

Front

An amount recorded on the right side

Back

Credit

Front

What type of account is Supplies?

Back

Asset