Accounting 2 – AAMI Solved 100%

Accounting 2 – AAMI Solved 100% Form used to complete the net income or net loss and to plan the preparation of financial statements -Correct Answer-Worksheet Provide the figures needed to determine the results of operations and the financial position of the business -Correct Answer-Journalizing Transactions Form used to complete the net income or net loss and to plan the preparation of financial statements -Correct Answer-Worksheet Provide the figures needed to determine the results of operations and the financial position of the business -Correct Answer-Journalizing Transactions Serves the same purpose as a blueprint -Correct Answer-Worksheet Debts owned by businesses -Correct Answer-Liabilities Short term debts owed for credit purchases -Correct Answer-Accounts Payable Mortgages Payable are a liability -Correct Answer-TRUE Loans Payable are a Liability T/F -Correct Answer-TRUE Property a Business owns -Correct Answer-Assets Assets used in the business that were privided by the owner are? -Correct Answer-Investment Dvidends Payable, Salries Payable, What are some common liabilities? -Correct Answer-Notes Payable Financial Interest of the owner in the business is called? -Correct Answer-Owners Equity What is the Basic Accounting Equation? -Correct Answer-Assets = Liabilities + Owner's Equity Itemized list of assets, liabilites, and owners equity is__________? -Correct Answer-Balance Sheet What provides a finaincial snapshot of the business on a specific date? -Correct Answer-Balance Sheet Business name,name of the statement, and the date -Correct Answer-What are the 3 things needed at the top of a financial statement like a Balance Sheet? On what side are assets listed? -Correct Answer-Left side Upper right side -Correct Answer-Where are liabilities listed on a balance sheet? Where is Oners Equity listed on a balance sheet? -Correct Answer-Under liabilities on the right side Define Business Transaction -Correct Answer-Exchange of one item of value for another