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9 Cards in this Set
- Front
- Back
Income Statement Contains |
Revenues and Expenses |
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Statement of Owners Equity |
Capital : Beginning and end, along with withdrawls |
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Balance Sheet Contains |
Assets, Liabilities, and Capital (end) |
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Assets |
Properties of value owned by a business (cash, land, equipment, supplies) |
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Liabilities |
Obligations that come due in the future. |
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Capital |
The owners investment of equity in the company |
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Withdrawls |
Withdrawals from a business for personal use |
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Revenues |
Amount earned for performing services for customers. |
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Expenses |
Cost incurred in running a buisness |