Comprehensive
Principles
Accounting
and
Comprehensive
Financial
Principles
Statements
Accounting
and Financial
Review
Principles
Statements
Studyand
Guide
Financial
Review
Key Concepts
Statements
Study Guide
ExamReview
Key
Prep.pdf
Concepts
Study Guide
ExamKey
Prep.pdf
Concepts Exam Prep.pdf
Comprehensive
Accounting
Principles and
Financial
Statements Review
Study Guide Key
Concepts Exam
Prep
Comprehensive Accounting
Comprehensive
Principles
Accounting
and
Comprehensive
Financial
Principles
Statements
Accounting
and Financial
Review
Principles
Statements
Studyand
Guide
Financial
Review
Key Concepts
Statements
Study Guide
ExamReview
Key
Prep.pdf
Concepts
Study Guide
ExamKey
Prep.pdf
Concepts Exam Prep.pdf
, Comprehensive Accounting Principles and Financial Statements Review.pdf Comprehensive Accounting Principles and Financial Statements Review.pdf Comprehensive Accounting Principles and Financial Statements Review.pdf
Terms in this set (44)
What is the accounting equation? Assets = Liabilities + Owner's Equity
What must always be true about the accounting It must always stay in balance
equation?
What are assets? Resources owned by a business
What are liabilities? Debts owed to outsiders
What is owner's equity? Owner's claim on assets
What are the 3 financial statements? Income Statement, Balance Sheet, Statement of Cash Flows
What does the income statement show? Revenues, expenses, and net income
What does the balance sheet show? Assets, liabilities, and equity at a point in time
What is the normal balance for assets? Debit
Comprehensive Accounting Principles and Financial Statements Review.pdf Comprehensive Accounting Principles and Financial Statements Review.pdf Comprehensive Accounting Principles and Financial Statements Review.pdf