What type of scorecard keeps track of assets, liabilites and owners equity?
100
false
Cash is on the left side of the balance sheet
100
2
How many gallons of water do we use?
100
Mom and Dad
Who does the $10 notes payable belong to?
200
What is Liabilities and Owner's Equity
What is on the right side of a balance sheet?
200
Gross Profit
What is the name of sales - COGS?
200
true
A balance sheet ALWAYS has to be balanced.
200
$2
How much does glass rental cost?
200
Assets= Liabilities + Owner's Equity
What is the accounting equation?
300
What is assests
What is on the left side of a balance sheet?
300
Assets
What is the name of "Things and stuff" on the balance sheet?
300
true
Net worth is the same as equity
300
$1
How much does advertising cost?
300
Inventory
What do business people call the raw material used in producing a product?
400
Balance
What does a balance sheet always need to do?
400
Operating statement and Profit and Loss (P&L) statement
What are two other names for an income statement?
400
false
The only things on the right side of the last balance sheet in chapter two is Notes Payable and Original investment
400
60
how many glasses of lemonade did we make?
400
$0.20
What is the cost of each lemon?
500
"What we have" on the left and "Who owns it" on the right
At the begining of the chapter what is the left and right side of the balance sheet labeled?
500
Owners Equity, Stockholder's equity and net worth
What are three names for Equity?
500
false
In the picture showing what assests, liabilities and equity consist of, Banker, Uncle Sam and Mom and dad are what appear in the "People we owe" section.