Accounting Basics Review

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

A decrease in owner's equity resulting from the operation of a business

• account
• capital
• asset
• expense

Amount owed by a business

• liability
• asset
• capital
• account

Anything of value that is owned

• account
• asset
• withdrawal
• expense

A business owned by one person

• service business
• revenue
• expense
• proprietorship

The amount in an account

• account title
• revenue
• account balance
• accounting records

Financial reports that summarize the financial condition and operations of a business

• financial statements
• ethics
• withdrawals
• equities

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)

• Profit
• Overhead
• Income
• None of the above

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

• assets
• liabilities
• profit
• income