Financial Statements
This report shows income and expenses for a business.
What is The Profit and Loss or Income Statement?
The two reasons we perform tasks for clients.
This is the entity type that is most popular, with 1 owner. This entity also has the largest audit risk.
What is a sole Proprietor.
Entertainment
What is not a deduction?
Where would I find Accounts Receivable? And what category of account would this be?
What is the Balance sheet, and Asset?
What is Assets, Liabilities, and Equity?
Can Federal Taxes be a deduction?
What is no?
What is a C Corp?
State business taxes
What is a Deduction?
This report shows the change in cash for a company.
What is the Statement of Cashflows?
What is COGS?
What is the Cost of Income, or the cost of what is sold.
This entity type has to pay its owners a reasonable wage.
What is a S Corp?
Meals
What is a 50% deduction?
Where would I find accumulated Depreciation? And what account category would this be?
What is Balance Sheet and Fixed Assets?
This is how the items on the balance sheet arranged.
What is from most liquid to least liquid?
What is Net Income?
What is the amount left over after expenses are taken out of income?
What entities can have an LLC designation?
What is Sole Proprietor, Partnership, or S Corp?
Owner Pay
What is not a deduction?
Where would I find a Toyota Loan? And what category of account would this be?
What is the Balance sheet and Other Current Liabilities?
What figure is shown on all 3 main financial reports?
What is Net Income?
Where is the imaginary line drawn?
What is between expenses and other income/ expenses?
Name the 3 passthrough entities.
What is Sole Prop, Partnership, and S Corp?
Sales Tax
What is not a deduction?
Where would I find Owner Investment? And what category of account would this be?
What is the Balance Sheet, and Equity account?