1
Q
Asset
A
Anything that you own that could provide an economical benefit later on. Can be measured in numerica value.
2
Q
Liabilities
A
What you owe. Anything that must be repaid in the future.
3
Q
Shareholder’s Equity
A
What’s left over if you take assets and subtract liabilities.
4
Q
Revenue
A
The business doing it’s purpose to earn money.
5
Q
Expenses
A
The costs that come with running the business.
ex:) light bill
6
Q
Dividends
A
Taking money out of retained earnings for outside usage.
Financial Accounting Basics
flashcards
Decks in class (3)
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