Business records and pro forma financial statement Flashcards
1
Q
documents (hard copy or digital) that records business dealing.
A
Business records
2
Q
an accounting report that describes the way cash flows into and out of your business over a period of time.
A
Cash flow statement
3
Q
shows the business’s revenues and expenses incurred over a period of time and the resulting profit or loss.
A
Income statement
4
Q
a financial statement that lists what a business owns, what it owes, and how much it is worth at a particular point in time.
A
Balance sheet
5
Q
items of value owned by a business.
A
Assests
6
Q
amounts that a business owes to others.
A
Liabilities
7
Q
the amount remaining after the value of all liabilities is subtracted from the value of all assets.
A
Owner’s Equity
8
Q
Balance sheet formula
A
Assets = Liabilities + Owner’s equity
