Bus. Mgmt. Financial Strands

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

Equipment are an example of an/a ______?

• loan

• asset

• liability

• owners equity

when the owner takes money out of the business's account it is called _________?

• credit

• drawings

• debt

• borrowing

water and electricity is an/a __________?

• credit

• asset

• expense

• income

rates and taxes are an/a ________?

• profit

• income

• VAT

• Expense

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue

Anything of value that is owned

• account
• asset
• withdrawal
• expense

A business owned by one person

• service business
• revenue
• expense
• proprietorship

Financial reports that summarize the financial condition and operations of a business

• financial statements
• ethics
• withdrawals
• equities

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue