Basic Business Finance Principles

What is the accounting equation?

Which of the following is not an example of a long-term liability?

When your liabilities exceed your assets, you have a ____________________________________.

Which of the following ensures that every debit has a corresponding credit to keep the equation balanced?

What is another term for the income statement?

How should the chart of accounts be organized?

What is EBITDA?

Which of the following tells you how much cash is entering and leaving your business in a given period?

What are the two main methods of tracking income and expenses in accounting?