1
Q
Most basic form of accounting equation
A
Assets = Liabilities + Equity
2
Q
Expanded form of accounting equation
A
Assets = liabilities + common stock - dividends + revenues - expenses
3
Q
What are the 7 major accounts?
A
Assets, liabilities, revenues, expenses, common stock, dividends, Retained earnings
4
Q
What is an income statement?
A
5
Q
What is a Statement of RE?
A
6
Q
What is a balance sheet?
A
7
Q
What is a cash flow statement?
A
8
Q
A
Accounting (ACC 111)
flashcards
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