ACCOUNTING FOR BEGINNERS Flashcards
(3 cards)
1
Q
DEBIT
- Assets
- Draw
- Expenses
CREDIT
- Liability
- Equity
- Revenue
A
DC ADE LER
2
Q
INVENTORY is a current asset
A
it includes raw materials and finished goods that can be sold relatively quickly.
3
Q
FINANCIAL STATEMENTS
A
- are written records of a business’s financial situation
includes:
reports of balance sheet, income/profit and loss statements, cash flow statements
