chapter 2
BALANCE SHEET
SHOW THE FINANCIAL POSITION OF AN ORGANIZATION AT A SPECIFIC POINT IN TIME
CREDITS
LIABILITIES
REVENUES
DEPRECIATION
Assets=Liabilites+Equity+Revenue-Expenses
Liabilities
Accounts Payable
Notes Payable
Bonds Payable
Equity
capital stock
retained earings
aditional paid in capital
Assets
cash
account recievble
prepaid insurance
inventory
DEBITS
ASSETS
EXPENSES
DEPRECIATION
DECREASE IN VALUE OF AN ASSET