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Types of Businesses
Statement of Retained Earnings
Statement of Cash Flows
$100 $100 $100
$200 $200 $200
$300 $300 $300
$400 $400 $400
$500
Income Statement
$400
$100
$200
$300
$500
Balance Sheet
$100
$200
$300
$400
$500 $500 $500
Types of Businesses - $100
A business with one owner who assumes unlimited liability.
What is a Sole Proprietorship?
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Types of Businesses - $200
A business owned by two or more persons. Each person often is personally liable for debts of the business.
What is a Partnership?
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Types of Businesses - $300
A business that operates as separate from its owners. Typically owners do not assume unlimited liability.
What is a Corporation?
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Types of Businesses - $400
A business that has its shares bought and sold on exchanges.
What is a Public Company?
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Types of Businesses - $500
A business in which ownership is transferred by the private sale of shares.
What is a Private Company?
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Balance Sheet - $100
The basic accounting equation.
What is Assets = Liabilities + Shareholders’ Equity?
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Balance Sheet - $200
The alternative title for a balance sheet.
What is the “Statement of Financial Position”?
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Balance Sheet - $300
The account that represents the company’s total earnings and losses less all dividends occurring since the formation of the corporation.
What is Retained Earnings?
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Balance Sheet - $400
The order in which assets are listed on the Balance Sheet.
What is Liquidity?
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Balance Sheet - $500
The name of the balance sheet account used when a customer owes the business money.
What is Accounts Receivable?
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IS - $100
The main equation for the Income Statement.
What is Revenues – Expenses = Net Income?
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IS - $200
The format for the date used in the third line of an Income Statement’s heading.
What is “For the Period Ended Month XX, 20XX”?
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IS - $300
DAILY DOUBLE!!!
IS - $400
Formal label used to describe the costs of running a business.
What is “Expenses”?
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IS - $500
Formal label used to indicate the profit of the period.
What is “Net Income”?
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SRE - $100
The basic equation for the Statement of Retained Earnings.
What is Beginning Retained Earnings +Net Income – Dividends Declared = Ending Retained Earnings?
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SRE - $200
The format for the date used in the third line of the heading for the SRE.
What is “For the Period Ended Month XX, 20XX”?
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SRE - $300
The number used for Beginning Retained Earnings.
What is the balance in the Retained Earnings account at the end of the previous period?
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SRE - $400
The number used for the Net Income amount in the SRE equation.
What is Net Income (Loss) as calculated on the Income Statement?
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SRE - $500
What it means to declare a dividend.
What is “formally promising to pay some of a company’s resources to its owners”?
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SCF - $100
“OIF!” The three categories used to classify business activities on the SCF.
What are Operating, Investing, and Financing?
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SCF - $200
Cash inflows are shown as ____ numbers and cash outflows are shown as ____ numbers.
What are positive and negative?
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SCF - $300
The subtotals of the three sections of the SCF sum to form this number.
What is the Net Change in Cash?
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SCF - $400
The equation to determine the End-of-Year Cash balance.
What is Beginning-of-Year Cash + Net Change in Cash = End-of-Year Cash?
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SCF - $500
The manner in which negative amounts are report in the financial statements.
What is “in parentheses”?
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Daily Double Specify Your Wager!
IS ---
The information conveyed by the lines in an Income Statement’s heading.
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What is Who (name of business), What (title of the statement), When (accounting period), and Other (unit of measure).
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