Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
Expenses |
Represent the decrease in assets as a result of efforts made to produce revenues. Either a decrease assets or increase liability, but always decrease owner's equity |
|
Net income |
Revenues greater than expenses = net income |
|
Net loss |
Expenses greater than revenues = net loss |