Accounting

1. List 5 assets in a donut shop. 6. What is the balance sheet equation? 1.Furnatur 7. What is a balance sheet? 8. How is the owner's equity calculated? Items the business needs to provide service are 2. List 5 assets in a dentist office 9. In what order are assets listed on the balance sheet? 10. In what order are liabilities listed on the balance sheet? 3. List 5 assets to use in a funeral home 11. What is the business entity principle? 12. What is the cost principle? ASSETS=LIABILITIES + OWNER'S EQUITY LIABILITIES=ASSETS - OWNER'S EQUITY OWNER'S EQUITY=ASSETS - LIABILITIES Example: If assets are $ 85 000 and Owner's equity is $ 36 200 then how much are the otal liabilities? L = A - O.E Use the teacher's given notes to complete this assignment. Remember to give = 85 000 - 36 200 examples. Write in your own words. If necessary, do some research also by googl = $ 48800 searching? 1. What is accounting? EXERCISES. . Diane is a student at Glendale Secondary School. She works part-time as a 2. What is meant by financial position? secretary at a local real estate office. The following is a list of items Diane has prepared to calculate her p August 31,2012. calculate her personal financial position(OWNER'S EQUITY) on Cash in Bank $200 Portable stereo system 300 3. Define assets and give some examples. Clothes 2000 Tape collection 230 Jewellery 500 4. Define liabilities and give some examples. Loan from father for stereo a) Determine Diane financial position by calculating her net worth. A=L + OE 200+300+2000+230+500=200 +_ 5. Define owner's equity. 3,230=200+3,030 OE = A - L OE=3230-200