Accounting basics | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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We need to (add/ deduct) the cost of goods from the revenue to get the net income.

deduct

The balance sheet shows which (assets / liabilities) the company owns.

assets

The balance sheet shows the( equity / liabilities) that belongs to the owners.

equity

The balance sheet shows the (equity / liabilities) it owes to others.

liabilities

Assets are ....

things of value that company owns or uses for instance land and buildings, office equipment

Liabilities means ...

what you owe to others, for example a bank loan, or what you owe to your suppliers for goods or to IRS for taxes.

Equity is ...

the residual amount that would be left if the company sold all its assets and paid off all its liabilities.

Everything that a company owns (its assets) was purchased either from ...

debt or company’s own money (equity).