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WorksheetsBasic Accounting Processes
Total questions: 26
Worksheet time: 13mins
Individuals or firms that invest money professionally
bootstrapping
accounting equation
line of credit
venture capitalist
Ownership in a business
due diligence
line of credit
equity
accounting equation
Things of value banks can take if you don’t pay a loan back.
collateral
assets
income statements
financial statements
Creative techniques to get a business started
leverage
bootstrapping
assets
collateral
When a team of experts checks out a business.
due diligence
due process
coaching
scoping
An agreement by a bank to lend money.
character
line of credit
assets
cash flow
Things you own
stuff
items
assets
liabilities
Assets – Liabilities = Net/Owner’s Equity
accounting problem
income statement
financial statement
accounting equation
Sources of funding that help one to buy or start a business
Personal savings
loans or grants
friends and family
all of the above
Bankers judge the acceptance of a loan applicant based on
Character
capital
Collateral
all of the above
Contingency funds are used
To provide money in case something goes wrong
As money you need to ensure a positive cash flow
s money to start your business
None of the above
A report of the revenue, expenses, and net income of a business
Balance Sheet
General Ledger
Cash Flow Statement
Income Statement
A debt of a business
fixed asset
asset
liabilities
capital
The accounting period of time that begins and end in months other than the calendar year.
GAAP
Fiscal year
calendar year
accounting period
The major account that houses all of your customer accounts.
Accounts receivable
Sales journal
accounts payable
general ledger
Which goes on the right side of a T account?
Debits
Credits
Normal Balance
Increase
Cash is classified as an
liability
asset
expense
owners equity
A debit to an accounts payable account will ____ it
Increase
Decrease
A credit to the capital account will ______ it
increase
decrease
Debit is on the left and credit is on the right for ALL t accounts.
true
false
To decrease an asset, you _____ it.
Debit
Credit
