Types of Businesses

Types of Businesses Balance Sheet IS SRE SCF $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

Types of Businesses - $100 A business with one owner who assumes unlimited liability. What is a Sole Proprietorship? Back to Board

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? Back to Board

Types of Businesses - $300 A business that operates as separate from its owners. Typically owners do not assume unlimited liability. What is a Corporation? Back to Board

Types of Businesses - $400 A business that has its stock bought and sold on exchanges. What is a Public Company? Back to Board

Types of Businesses - $500 A business in which ownership is transferred by the private sale of stock. What is a Private Company? Back to Board

Balance Sheet - $100 The basic accounting equation. What is Assets = Liabilities + Stockholders’ Equity? Back to Board

Balance Sheet - $200 The wording used in the third line of a Balance Sheet’s heading to denote a point in time. What is “At Month XX, 20XX”? Back to Board

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? Back to Board

Balance Sheet - $400 The order in which assets are listed on the Balance Sheet. What is Liquidity? Back to Board

Balance Sheet - $500 Assumption that states that results of business activities should be reported in an appropriate monetary unit. What is the Unit of Measure Assumption? Back to Board

IS - $100 The main equation for the Income Statement. What is Revenues – Expenses = Net Income? Back to Board

IS - $200 The wording used in the third line of an Income Statement’s heading to denote a period of time. What is “For the Period Ended Month XX, 20XX”? Back to Board

IS - $300 DAILY DOUBLE!!!

IS - $400 Formal label used to describe the costs of running a business. What is “Expenses”? Back to Board

IS - $500 Formal label used to indicate the profit of the period. What is “Net Income”? Back to Board

SRE - $100 The basic equation for the Statement of Retained Earnings. What is Beginning Retained Earnings +Net Income – Dividends Declared = Ending Retained Earnings? Back to Board

SRE - $200 The wording used in the third line of the heading for the SRE to denote the period of time covered by the statement. What is “For the Period Ended Month XX, 20XX”? Back to Board

SRE - $300 The number used for Beginning Retained Earnings. What is the balance in the Retained Earnings account at the beginning of the period? Back to Board

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? Back to Board

SRE - $500 What it means to declare a dividend. What is “formally promising to pay some of a company’s resources to its owners”? Back to Board

SCF - $100 “OIF!” The three categories used to classify business activities on the SCF. What are Operating, Investing, and Financing? Back to Board

SCF - $200 Cash inflows are shown as ____ numbers and cash outflows are shown as ____ numbers. What are positive and negative? Back to Board

SCF - $300 The subtotals of the three sections of the SCF sum to form this number. What is the Net Change in Cash? Back to Board

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? Back to Board

SCF - $500 The manner in which negative amounts are report in the financial statements. What is “in parentheses”? Back to Board

Daily Double • Specify Your Wager!

IS --- The information conveyed by the lines in an Income Statement’s heading. What is Who (name of business), What (title of the statement), When (accounting period), and Other (unit of measure). Back to Board

Types of Businesses