financial accounting II

what is an example of an asset?

Inventory
what is an example of a liability?

Notes payable
Revenue and expenses are catagorized as what types of accounts?

Equity
If liabilities are 10,000 adn stockholders equity is 25,000, assets are?

35,000
Credits to general ledger accounts are used to record?

increases to liabilities and stockholders equity.
Credits to general ledger accounts are used to record increases in?

revenue and stockholders' equity.
When does a net loss occur?

When expenses are greater than revenue.
Assets, liabilities, and equity are reported on whih finacial statement?

The Balance sheet.
what does the balance sheet show?

The finacial posistion of a busines at a given time.
What does the income statement show?

The results of operations for a period of time.

Author

kuroihikigaeru

164054

Card Set

financial accounting II

Description

accounting quiz week 1

Updated

2012-07-26T20:23:59Z