(Answers to these questions are included after the workbook questions.)
Question 1: You plan to start a business with a friend. How should you structure that business?
a. Sole proprietorship
c. LLC or corporation
d. Partnership or LLC or corporation
Question 2: Which of these accounts would be found on the Balance Sheet?
b. Cost of Goods Sold
Question 3: Which of these accounts would be found on the Income Statement?
a. Accounts Payable
c. Accounts Receivable
d. Credit Cards Payable
Question 4: You purchased furniture for your office costing $1,000 using a credit card.
4A: How would you enter that transaction in your books using cash accounting?
4B: How would you enter ...