Accounting - The Lan Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Question | Answer |
| 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
Popular Engineering sets