Question:

1. Assets = _______________________ + _________________________.

2. A summary of assets, liabilities, and owner's equity as of a particular date is reported on a statement called the ___________________________ _____________________________.

3. Revenue earned from a sale on account creates an asset called __________________ __________________.

4. An outward or potential outward flow of assets usually causes ______________________.

5. A report that shows how well a business has performed over a period of time is called the ___________________________ ____________________________.

6. Personal expenses unrelated to the business are ____________________________.

Answer true or false:

1. Assets plus liabilities equal owner's equity.

2. Capital equal cash.

3. Revenue is a liability.

4. The balance sheet lists assets, owner's equity, and liabilities.

5. Revenue is a subdivision of owner's equity.

6. "Withdrawals" is one subdivision of liabilities.

7. Expenses are listed on the balance sheet.

8. Withdrawals and expenses are both listed on the income statement.

9. Revenue is shown on the income statement.

10. "Withdrawals" is listed on the statement of owner's equity.

Classify each of the following items as an Asset, Liabilities or part of Owner's Equity.

1. Supplies ____________
2. Salaries Payable ____________
3. Kyle E, Capital ____________
4. Cash ____________
5. Accounts Receivables ____________
6. Loans Payable ____________
7. Rent Expense ____________
8. Cleaning Fees Earned ____________
9. Samsung Tablet ____________
10. Prepaid Rent ____________

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