The ___________ summarizes income and expenses for a fixed period of time. It is also known as a profit and loss statement.

The _________ is the snapshot of what your business has and what it owes at a given point in time.

The __________ shows how much cash came into the business, where it came from, and the cash that went out, and where, over a given period of time.

Do the following terms belong to Income Statement or Balance Sheet?

Revenue, costs of goods sold, gross profit, operating expenses, and profit

Do the following terms belong to income statement or balance sheet?

Assets, liabilities, and owners’ equity

What is CASH considered?

What is an example of a LONG TERM LIABILITY?

Which is NOT an example of credit

__________ is the portion of the business that the owner has rights to