How many steps are in the business operating cycle?

Accounting is simply the process used to figure out how much money a business made during a certain time period.

What are the accounting rules used to prepare, present and report financial statements called?

The Financial Accounting Standards Board is the government agency regulating the accounting industry.

How often should a business calculate profitability and review financial statements?

__________ are items of value your company owns.

__________ are any debts or obligations owed by the company.

A(n) __________ is a summary of a company’s profit or loss during any one given period of time.

It is often beneficial for a business owner to use business accounts and personal accounts interchangeably.