Which one of the following is a key report that a new business owner should be prepared to generate?
A. Expense accounts
B. Check register
C. Chart of accounts
D. All of these are correct
Which of the following accounts requires both a cash register and a petty cash register available to record all outflow of funds?
a. accounts payable
b. expense account
c. check register
d. payroll
A small business owner may want to exit the business because:
a. business has done very well
b. all the assets are in the business
c. turns some of the busines into cash.
d. all of the above are correct
It is relatively common for new equipment to depreciate in the first year after purchase. What is the typical rate of depreciation of new equipment in the first year?
a. less than 50%
b. More than 10%
c. more than 50%
d. less than 40%