Method of reporting financial activity of a business
200
What accounting activity reacquires specific educational requirements and pass a national examination?
Certified Public Accountant (CPA)
200
Vehicle Insurance, Liability Insurance, Health Insurance, Drone Insurance
What are the different kinds of insurance do we have?
200
What is Revenue?
The profit a company makes
200
What is revenue?
Amount of money a company earns
200
What is profit?
How much money a business makes
300
What is the name of the job that checks the accuracy of an account?
Audit
300
Assets = Liabilities + Owner's Equity
If Owner's Equity equals $9,000 and Liabilities equals $15,000, what is Assets?
$6,000
300
Is analyzing a budget a finical activity?
Yes
300
What is money owed by the business?
Liability
300
What is loss?
When a business expenses are greater than its income
400
What is budget?
A plan to spend and save your money
400
Net Income (or Loss) = Total Revenue – Total Expenses
Revenue:
Journals - $2,000
Popcorn - $500
Car Washing - $3,000
Lemonade - $500
What is the Total Revenue?
The total Revenue is $6,000
400
Who is a top level professional who may have final responsibility for aspects of a business’ financial activity?
Financial Manager
400
The amount a business is worth is called?
Owners Equity
400
What specific period of time covered by an accounting statement or report?
Fiscal period
500
What is the accountant statement?
OE + Liabilities = Assets
500
Net Income (or Loss) = Total Revenue – Total Expenses
Expenses:
Light Bill - $300
Water Bill - $200
Insurance - $500
Payroll - $2500
Revenue:
Journals - $100
Popcorn - $500
Car Washing - $200
Lemonade - $500
What is the net income?
The net income is -$2,200
500
What does a bank teller do? (Examples)
Bank employee who handles deposits, withdrawals, selling travelers check, accepting loan payments, preparing money orders
500
The revenue, expenses and the net income (loss) of a business for the fiscal period makes up what statement?
Income statement
500
What are all the finical statements called?
Balance sheet
Income statement
Change in owners equity