Term
| What are the two ways you can write the accounting equation? |
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Definition
Assets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity |
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Term
| What are the three ways you can finance a business? |
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Definition
- Debt/Liabilities
- Internal Equity: Sell Stock
- External Equity: Income from operations
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Term
| GAAP requires ___ years of balance sheet records, and ___ years of your income statement records. |
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Definition
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Term
___________, Beginning
+ _________ for year
- _________ for year
___________________
____________, Ending |
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Definition
Retained Earnings;
Net Income;
Dividends;
Retained Earnings |
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Term
| _______________ is the only financial statement that shows a POINT in time. All others cover a _______ of time. |
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Definition
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Term
| How do you determine the percent of owner financing of a company? |
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Definition
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Term
| Organization's planning activities shape three major business activities. They are: |
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Definition
- Financing
- Investing
- Operating
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