Accounting 101

Question or Hint Answer or Word

What is the accounting equation? A=L + OE
What is an asset? anything of value owned by the business
What is a liability? Any amount owed by a business
What is a proprietorship? A business owned by one person
A financial statement that reports assets, liabilities, and owner's equity is called what? Balance Sheet (wrong answers: Income Statement, Shareholder's Equity Statement, Cash Flow Statement )
What is the net worth equation? Assets-Liabiltiies= Net Worth
Cash is an asset with a normal debit or credit balance? Debit