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1.The balance sheet is like a snapshot of the business entity.
2.Acquired assets and services should be recorded at the most accurate estimate of their value.
3.If an owner invested $200000 in a business, owner's equity would increase.
4. Increases in cash are always a result of owner's investments in the business.
5.The Cash Flow Statements report on cash flows from four types of business activities.
6.Decision makers are the users of accounting information.
1.You own a building cleaning business. You complete cleaning the building in an office plaza and charge your customer $500. What effects are there to the accounting equation (Assets = Liabilities + Owner's Equity)?
2.If you open a window cleaning business and deposit $1000 of your own personal money in a bank account for the business, what effects are there to the accounting equation (Assets = Liabilities + Owner's Equity)?
3.You own a Lawn Service business. If you charge a customer $30 for mowing their lawn, what is the $30 to your business?
4.You own a Lawn Service business. You pay $500 for gasoline and store it in a holding tank. What is the gasoline?
