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5 cards from this section. Quick, good the night before a test.
What do you understand by the term 'Assets'?
Think about what a company owns.
Can you explain what 'Liabilities' are?
Consider what a company must pay back.
What is the fundamental accounting equation?
Remember, assets must balance with debts and owner's equity.
True or False: The Going Concern principle assumes a business will close down in the near future.
Think about what this principle implies for reporting.
A company has total assets of $500,000, liabilities of $300,000, and capital of $200,000. Using the accounting equation, assess whether the accounts balance.
Check if $500,000 equals the sum of the other two values!
If a business reports income of $100,000 with expenses of $60,000, how does the Matching principle apply to this scenario?
Think about how income and expenses relate to each other.
5 more questions in this section. Enroll free to practise them all.
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