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Accounting Function
Balance Sheets
Measuring Business Success with Balance Sheets
100
Occurs when something that has value is exchanged for something else that has value *Starts with a 'T'
What is a transaction
100
A financial statement that shows the financial position of a business on a single but specific date.
What are balance sheets
100
This **sheet** identifies problems/challenges that a business faces.
What is a balance sheet.
200
The method of recording all transactions for a business in a specific format. **Ryhmes with looking.**
What is booking
200
Things of value that are owned. **Starts with an 'A'**
What is an asset
200
This indicates a business’s ability to pay its short term debts. **Hint: ________ capital**
What is working capital.
300
When a business does this, it allocates money to various areas of the business. Ex,when one spends too much $ they do not stay within the __________.
What is budget
300
Purchasing too much inventory on credit results in______.
What is debt
300
This shows how many dollars of liquid assets a business has for every dollar of debt. **Hint:________ ratio**  
What is current ratio.
400
All businesses operating in Canada have to pay this on thief profits or earnings. **Hint: your parents hate these!
What are taxes :(
400
When a business takes longer to pay off their debt this is known as
What is long term liabilities
400
The balance sheet displays__________ that have occured in a business. **Rhymes with ranges.**
What are changes.
500
Reports that summarize the financial performance of a business.
What are financial statements
500
Financial portion that belongs to owner. **Starts with n 'E'**
What is equity
500
Total current assets divided by total current liabilities is the equation for what?
What is current ratio