FINANCIAL STATEMENTS
BUSINESS ENTITIES
HODGEPODGE
100
Revenue - Expenses = Net Income
What is an income statement?
100
No legal distinction between the owner, and the business
What is a sole proprietorship?
100
The measurement, processing, and communication of financial information
What is accounting?
200
Beginning Capital + Net Income - Withdrawals
What is a statement of equity?
200
Kia Motors Manufacturing Georgia Inc. is an example of what type of business entity?
What is a corporation?
200
To increase the balance in an asset account requires what?
What is a debit?
300
Assets on one side, Liabilities and Equity on the other
What is a balance sheet?
300
Two or more people in business together
What is a partnership?
300
The Best Business Faculty in Buckhead is at What University?
What is Point University?
400
Beginning Cash + NCF Operating + NCF Investing + NCF Financing = Ending Cash
What is a Cash Flow Statement?
400
Separate Legal Entity, Limited Liability
What is a corporation?
400
To increase the balance in a revenue account requires what?
What is a credit?
500
The accounting equation is basically synonymous with which financial statement?
What is a Balance Sheet?
500
Same characteristics as a corporation, and MAY use the tax advantages of a partnership
What is an LLC?
500
The best choice as an addition to the Point University Adjunct Faculty is?
Who is Kathy Yancey?
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