Business Plan

* Port fill in the blanks

Account category normal balance financial statement

Supplies: asset dv balance sheet

Rent: expenses dv income stamen

Account payable: liabilities cr balance sheet

Capital: owners cr balance sheet

Legal fees: revenues cr income statement

Cash: asset dv balance sheet

Withdrawals: owner’s equity dv statement of owner’s equity

Account receivable asset dv balance sheet

1. This is the accounting equation: asset=liabilities + owners equity

2. This financial statement reports on all expenses an revenues in ah business: income statement

3. The cost of running ah business is culled: expenses

4. The amount of money owe by customers to your business is recorded in an asset account called: account receivable

5. Is the smallest type of business available today: sole praetor ship

6. What kind of asset is building: long term asset

7. Thesearethe6functionsofaccounting: analizing,recording,clasifaying,summarizing,reperting,interpretering

8. Also known as the inflow of cash in a business: revenue

9. The owners equity section of the accounting equation is broken down into 4 parts: capital-withdrawals revenues-expenses

10. The financial obligation of business with creditors are also know is accounting as : liabilities

11. Three...