113) Choose the appropriate definition for the terms below.
a.a business owned by a single owner
b.a statement summarizing the revenues and expenses for a given period
c.resources that provide future economic benefits to a business
d.claims by outsiders on the resources of a business
e.revenues less expenses
f.a business owned by shareholders
g.shows the net change in the cash account for a given period
h.a formal listing of the accounting equation on a specified date
________1.corporation
________2.cash flow statement
________3.income statement
________4.net income
________5.proprietorship
________6.balance sheet
________7.liabilities
________8.assets
114) Choose the appropriate definition for the terms below.
a.a business owned by a single owner
b.a statement summarizing the revenues and expenses for a given period
c.resources that provide future economic benefits to a business
d.claims by outsiders on the resources of a business
e.revenues less expenses
f.a business owned by shareholders
g.shows the net change in the cash account for a given period
h.a formal listing of the accounting equation on a specified date
________1.corporation
________2.cash flow statement
________3.income statement
________4.net income
________5.proprietorship
________6.balance sheet
________7.liabilities
________8.assets
115) Your friend has asked you to review and analyze the financial status of her company before she goes to the bank to request a loan. Answer the following questions:
a.What will you need to review in order to make a sound decision?
b.What will the bank be looking for? Be specific.