Understanding Business Assets and Financial Statements Basics
School
University of Dar es salaam**We aren't endorsed by this school
Course
ACCOUNTING PRINCIPLES
Subject
Economics
Date
Dec 10, 2024
Pages
1
Uploaded by tirtec
Questions 7. LO 2.2 Identify/discuss one similarity and one difference between tangible and intangible assets. 8. LO 2.2 Name the three types of legal business structure. Describe one advantage and one disadvantage of each. 9. LO 2.2 What is the “accounting equation”? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions. 10. LO 2.3 Identify the order in which the four financial statements are prepared, and explain how the first three statements are interrelated. 11. LO 2.3 Explain how the following items affect equity: revenue, expenses, investments by owners, and distributions to owners. 12. LO 2.3 Explain the purpose of the statement of cash flows and why this statement is needed. # openstax.org
