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