TLE 3RD QE

anything thats owned by the business

• assets

• liabilities

• owner's equity

intangible assets

• experience

• copywrite

• franchise

Business's financial responsibilities or obligations

• assets

• liabilities

• owner's equity

residual interest of the owner to the business

• assets

• liabilities

• owner's equity

profit a company retains after paying off all relevant expenses

• income

• expense

things need to pay by the business to operate

• income

• expense

names given to the various categories use to keep track of business finance

purpose of account titles - make recording easier and systematic

• true

• false

professional fee

• assets

• liabilities

• owner's equity

cash

• assets

• liabilities

• owner's equity