1000 |*Avvenne name choices: Bank, Equipmen CE Module 3, Activity 1, Assignmen Identify each item below as Asset, Liability, Owner's Equity or Neither from the business's point of view. Remember the Business Entity GAAP which states that the business's assets are separate from the owner's assets, that is, the owner's assets are NOT the business's assets, and vice versus. Asset (owned by the business) =Liabilities + (owed by the business) Owner's Equity (net worth of the Bank Accounts Receivable Automobile Equipment Accounts Payable Bank Loan Interest Payable Mortgage Capital business) Land Supplies Description of account a bank loan a company automobile cash equipment used by the business fees due to soccer league for son interest owed by the company on an outstanding loan land money owed to the electrician who fixed a light in the office money owed to the business by various customers owner's car owner's personal Visa owner's re-investment of profit from previous year in business supplies for the business the mortgage on the building the owner's investment of $1,500 in the business Select the account name for this Which type of account is this? (asset, account from the Chart of Account liability, equity, neither) choices above. Sales Profit Debt Net Worth or Value of the business Taxes Discuss the reasons that either an internal or an external user of financial information--and identify the user you have in mind-- would be interested in this information. 2. From the forms of business ownership learning object, list the four (4) advantages and four (4) disadvantages for each of the three (3) forms of business ownership. 2. From the forms of business ownership learning object, list the four (4) advantages and four (4) disadvantages for each of the three (3) forms of business ownership. Sales Profit Debt Net Worth or Value of the business Taxes Discuss the reasons that either an internal or an external user of financial information--and identify the user you have in mind-- would be interested in this information. 2. From the forms of business ownership learning object, list the four (4) advantages and four (4) disadvantages for each of the three (3) forms of business ownership. Sales Profit Debt Net Worth or Value of the business Taxes Discuss the reasons that either an internal or an external user of financial information--and identify the user you have in mind-- would be interested in this information