Business Forms

Sole Proprietorship (correct)

Service

Manufacturing

Merchandising

Managerial accounting focuses on the internal users, while financial accounting relates to the interpretation of financial statements.

Managerial accounting focuses on the internal users, while financial accounting relates to planning financial events. (correct)

Managerial accounting focuses on daily decision making, while financial accounting relates to the interpretation of financial statements.

Managerial accounting relates to the interpretation of financial statements, while financial accounting focuses on daily decision making.

Owner's Equity

Cash flow statement

Balance sheet

Income statement (correct)

<p>The ability of a firm to pay its debts</p> Signup and view all the answers

<p>DR</p> Signup and view all the answers

<p>Current assets are cash or other assets that will be converted into cash or consumed within one year, while other assets can be cash or withdrawals that are used or kept on the firm's behalf.</p> Signup and view all the answers

<p>An invoice that shows quantity, description, prices of items, total amount of purchase, and the terms of payment</p> Signup and view all the answers