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what is an example of an asset?
Inventory
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what is an example of a liability?
Notes payable
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Revenue and expenses are catagorized as what types of accounts?
Equity
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If liabilities are 10,000 adn stockholders equity is 25,000, assets are?
35,000
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Credits to general ledger accounts are used to record?
increases to liabilities and stockholders equity.
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Credits to general ledger accounts are used to record increases in?
revenue and stockholders' equity.
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When does a net loss occur?
When expenses are greater than revenue.
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Assets, liabilities, and equity are reported on whih finacial statement?
The Balance sheet.
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what does the balance sheet show?
The finacial posistion of a busines at a given time.
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What does the income statement show?
The results of operations for a period of time.
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