Accounting Equation

Front

The Accounting Equation must always be in balance?

Back

True

Front

Assets
Options: Anything owed by the company, Anything owned of value by the company

Back

Anything owned of value by the company

Front

Supplies purchased on account that will be paid for at a later date is a liability.

Back

True

Front

The owner's worth after assets are used to pay all liabilities is the definition of

Back

Owner's Equity

Front

Always keep business and personal records separate?

Back

True

Front

Cash received means Cash is:

Back

Increased

Front

Paid Cash means cash has:

Back

Decreased

Front

Bought supplies on account means Supplies has increased and what other account has changed?

Back

Account Payable has increased