All About the Basics!
Financial Statements
Government
Miscellaneous
Cash Flow
100
to the left, to the left!
What is a debit
100
Where you find equality....
What is the balance sheet?
100
The tax collectors.....
What is the CRA!
100
Materials, labour, overhead, markup
What are components of price?
100
Injections of cash
What is loans, owners injections
200
Recording your financial transactions in date order
What is journalizing?
200
Formulas for health?
What are ratios?
200
CPP, EI and Income Tax
What are standard payroll deductions? MERCs
200
Business registration, first month rent, inventory......
What are examples of start up costs.
200
The most valuable use of the cash flow projections
What is a decision making tool for planning purchases.
300
Where you post your transactions (not the post office!)
What is ledger accounts?
300
The financial statement where you record purchases....
What is "that depends!" If it is an asset or an expense!
300
Honesty, timing, good recordkeeping......
What are tips for not getting audited!
300
Managing the security of your financials
What is internal control?
300
Cash for meeting day to day expenses until you generate sales.....
What is working capital?
400
Assets = Liabilities + Equity
What is the accounting equation?
400
Materials + labour + overhead
What is cost of goods sold?
400
Input tax credits....
What are the amounts of HST you paid on purchases?
400
When your costs are equal to your sales....
What is break even point?
400
Cash leaving....
What is outlflow?
500
Entering transactions on the left and the right!
What is double entry accounting?
500
This is where you will find the retained earnings balance.
What is the balance sheet?
500
$30,001
What is the revenue level you must start charging HST?
500
Your best friend when it comes to the financials for your business?
Who is your accountant!
500
CASH!
What is king?
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