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EMRAS

Sample Study Stack

QuestionAnswer
What is an Asset? Anything of value that is owned.
What is a Liability? An amount that is owed
What is a Balance Sheet? A financial statement that shows assets, liabilities and equity
What is the accounting equation? Assets = Liabilities + Owners Equity
What is an Income Statement? An Financial statement that shows Revenue, Expenses and Net Income or Net Loss
Created by: ACFelix
Popular Accounting sets

 

 



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