Accounting formulas-Questions and Answers Graded A+

Accounting formulas-Questions and Answers Graded A+ revenue (income) - expense - ANSWER-=net profit(net loss) Income Statement beginning capital - change in capital - ANSWER-= ending capital Statement of Owner's Equity assets - liablities - ANSWER-= owner's equity Balance Sheet Current assets - ANSWER--cash -petty cash fund -accounts receivable -prepaid expenses -supplies -inventory Fixed assets - ANSWER--equipment -automobiles -furnishings -land and building Tangible assets - ANSWER-seen, touched, possessed Intangible assets - ANSWER-evidence of ownership or rights of value Liabilities/ Current liabilities - ANSWER--accounts payable -taxes payable -wages payable Long term liabilities - ANSWER--mortgage payable -notes payable -bonds payable Owner's equity - ANSWER--capital -withdrawls -revenues' -expenses Expanded accounting equation - ANSWER-assets=liabilities+owner's equity-drawing accounts+revenue-expenses