A statement that presents the financial position of a company on a particular date.

This account category answers the question, "What does the company owe?"

The liability account that increases when a company borrows money.

Consisting of Common Stock and Dividends, this statement summarizes the changes in stockholder's equity over an interval of time.

Unlike dating, this account category has "future economic benefit".

Your company is afraid of debt, but you need to buy a truck. This asset decreases when you purchase the truck.

This financial statement has Revenues and Expense (you don't want the result to be negative).

Known as "the top line" of an Income Statement.

When a company receives a bill for rent, but doesn't pay immediately, these two accounts are affected.

The "E" in the Accounting Equation is located on this financial statement.

"A" - "L" = ?? in the Accounting Equation

The two accounts impacted when a company sells $1,000 of services, but the client is slow to pay.

This financial statement takes you from "accrual" world, to greener pastures.

This account category also has an expense account on the Income Statement and reduces the ending value of the Equity Statement.

Remember the rent bill the company received? Well, it finally got paid and these two accounts decreased.