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Description
Flashcards by k.michalska24, updated more than 1 year ago
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Created by k.michalska24
over 8 years ago
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| Question | Answer |
| What is an account? | hhh |
| What are the 5 different types of the accounts? | 1. Assets 2. Liabilities 3. Equity 4. Revenue 5. Expense |
| What is an asset account? | this is the things owed by the business (like buildings, vehicles, computers, furniture, inventories, bank, cash, account receivables) |
| What is a Liability account? | This is everything the business owes to different organisations (like mortgage, car loans, credit card, account payable etc) |
| What is an Equity account? | This is the owners investment into the company (basically money put into the business). Assets-liabilities = equity |
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