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Financial Statements

Teacher: GUENTHER DERMANELIAN
Horizontales
Expenses we pay for ahead of time
Providing for a possible loss
Something owed
Shows results
The allocation of the cost of fixed assets
This account is used when stock is sold above par value
Amounts owed to the business
Within 12 months
A classification for most expenses
Sales less cost of sales
Always recording inventory transactions
Verticales
Bonds sold above face value
Shows position
Inventory that was sold
The simple inventory method
Unregistered bonds
Owners' interest
A resource
Revenues less expenses