The increase side of an account, or the final number after accounts are added together is the:

An account has a negative (red) balance at the end of the balance sheet. What most likely describes the business?

________ are amounts a business must pay in the future.

An entry on the right side of an account is:

A means of identifying each account as an asset, liability, or owner’s equity describes what term?

A formal report of a business’s financial condition on a certain date including all assets, liabilities and Owner’s Equity is referred to as a:

If the asset portion of the accounting equation is $100,000, and we know the owner has $75,000 in Owner’s Equity…what amount of liabilities does the business have?

A type of account, resembling a letter, used to analyze the effects of a business transaction is known as what?

_______ is the result of an excess (more) of revenue over expenses (less).

If expenses are greater than revenue, a business will experience: