Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Do it! - Review: 1-2

Answer

a) common stock b) asset c) liability d) liability e) revenue f) expense

Work Step by Step

a) Shares in a company are common stock. b) Land owned is an asset. c) Amounts owed are a liability. d) Bonds payable are a liability. e) Money earned is revenue. f) A cost of doing business is an expense.
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