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Accounting - The Lan

QuestionAnswer
Primary reason to keep records is to know whether or not your company made a profit or a loss
Who Needs These Records? Manager and Owner
What are suppliers? Decide whether to extend credit
What is a Lender? Decide whether to lend a business money
What does the government have to do with accounting? Arrive at fair tax rates
What are Financial Statements? Reports that summarize financial data over a period of time
What is a Balance Sheet? Reports a business’s assets, liabilities, and capital on a specific date
Can you tell me the accounting equation? Assets = Liabilities + Capital
What are some examples of Assets? Cash&Accounts Receivable&Inventory&Buildings
What are some examples of Liabilities? Accounts Payable Loans Payable
What is a Capital? The amount an organization or individual is worth
What is the difference between Cash Flow and Working Capital? Cash Flow- Must have cash on hand to pay bills Working Capital-Determine if you are able to pay your debts
Created by: Jennyg141115
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