Balance Sheet
How assets listed on a balanced sheet
a) the order of liquidity
b) highest to lowest
c) lowest to highest
What is the order of liquidity?
What is listed on the income statement
What is revenue and expesenes?
Gross Income
What is (your salary) total amount of money received by a person BEFORE deductions?
A budget is
What is a plan for wise spending based on income and expenses?
What is left after you subtract liabilities from assests
a) revenue
b) expenses
c) owner's equity
What is owner's equity?
The purpose of an income statement
What is to see ones net loss or next income?
The type of income you are left with once you've calculated your expenses
What is discretionary income
What is a debt of the business?
What is listed on a balance sheet
What is assets, liabilites, and owner's equity?
When a specific year is not given you...
What is putting the pervious year?
Fixed Cost
What is the name of business,
name of financal statement,
year/month ended date
The fundamental accounting equation
What is A=L+OE
How expenses are listed on the income statement
What are highest to lowest
The time allotted to a person to pay back credit used, without interest
What is a grace period?
Banks generate profit by
What is charging interest?
Put the following assets in order from the most liquid to least liquid;
-equipment
-tractor
-accounts receivable
-cash
-bank loan
-land
What is cash, accounts receivable, equpiment, tractor, land
What the second column is used for
What is totals?
When a person borrows money from a bank and has to pay it back over a fixed period of time
What is a loan?
A balance sheet presents
What is the financal position of a business?