WorksheetsIBT Unit 2 Review
Total questions: 14
Worksheet time: 5mins
a summary of income and expenses during a specific period such as a month, quarter or year.
income statement
balance sheet
statement of owner's equity
statement of cash flows
comes from the sale of goods or services that are provided
cost of goods sold
net profit
revenue
interest
cost of operating a business such as utilities, insurance, and advertising
accounts payable
income
expenses
revenue
a summary of a business’s assets, liabilities, and owner's equity
statement of owner's equity
trial balance
income statement
balance sheet
An amount recorded on the left side is called a
asset
credit
debit
balance
the amount recorded on the right side is called a
credit
expense
debit
balance
the collective process of recording and processing the accounting events of a company
journal entry
accounting cycle
trial balance
collecting bad debt
If there is a natural disaster, it is highly likely that your business will not be able to operate afterwards, at least not right away. This insurance compensates a business for lost income as a result of natural disasters.
Property Insurance
Business Interruption Insurance
Home-based Insurance
Professional Liability Insurance
the measurement, processing and communication of financial information about economic entities
accounting
finance
projections
financial statements
represents the relationship between the assets, liabilities, and owner's equity of a business
income statement
balance sheet
accounting equation
business financial records
Type of financial institution that is allowed to accept deposits of money from the public
investment or trust company
non depository
insurance company
depository
can lend money but does not accept deposits of money for safe keeping.
non-depository
credit union
depository
bank
something banks and financial institutions can look up to see how reliable you are with money.
Report card
Credit Report
Income statement
Balance sheet
List any credit cards, loans, or mortgages taken out in your name
credit report
balance sheet
income statement
statement of owners' equity
