Accounting 2 – AAMI Latest Version 100% Correct

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