Business U - Acc Topic 2

A debt or obligation owed to any other person or organization.

• Asset

• Liability

• Owner's Equity

Accounts Receivable

• Asset

• Liability

• Owner's Equity

The owner’s rights to the assets of the business after all liabilities have been paid.

• Asset

• Liability

• Owners' Equity

A tangible or intangible resource that has economic value, owned by a person or organization.

• Asset

• Liability

• Owner's Equity

The difference between an individual's assets and liabilities.

• Account

• Financial Statement

• Net Worth

• Expense

A financial statement that marks a company's financial situation at a moment in time, showing all assets, liabilities and owners’ equity.

• Balance Sheet

• Income Statement

• Cash Flow

Capital

• Asset

• Liability

• Owners' Equity

A financial statement that summarizes the total revenues and expenses of an organization, and the resulting profit or loss over a specific accounting period, also known as the profit & loss statement.

• Balance Sheet

• Income Statement

• Cash Flow

Accounts Payable

• Asset

• Liability

• Owner's Equity

Prepaid Insurance

• Asset

• Liability

• Owner's Equity