Accounting

Things you own

• Asset

• Liability

Things you owe

• Asset

• Liability

Initial investment plus retained earnings

• Asset

• Liability

• Owner's Equity

Items found on a balance sheet

• Income, Expense, Net Loss, Net Profit

• Assets, Liabilities, Owner's Equity

• Income, Liabilities

• Assets, Expenses

Items found on an Income Statement

• Income, Expenses, Net Profit, Net Loss

• Assets, Liabilities, Owner's Equity

• Income, Liabilities

• Assets, Expenses

What category? Cash

• Asset

• Liability

What category? Accounts Receivable

• Asset

• Liability

What category? Inventory

• Asset

• Liability

What category? Mortgage

• Asset

• Liability

What category? Equipment

• Asset

• Liability