Translations:Adventist Youth Honors Answer Book/Vocational/Accounting/7/en
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2. Be able to correctly classify balance sheet items with short term asset, long term asset, contra asset, short term liability, long term liability, and equity.
A proper discussion of these requirements fills several chapters in an accounting textbook and is there outside the scope of this answer book.
3. Be able to write an income statement from a trial balance.
A trial balance is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column.
