7 – Financial stmt for proprietorship

Competencies:

6320: Accounting

  • 10:  Demonstrate critical-thinking and problem-solving skills.

Understanding the Accounting Cycle for a Service Business

  • 45:  Prepare financial statements for a service business.
  • 53:  Maintain financial records for a service business, using accounting software.
  • 54:  Maintain financial records for a service business, using spreadsheet software.
  • 66:  Prepare financial statements for a merchandising business.
  • 67:   Analyze financial statements for a merchandising business.
  • 101: Explore career opportunities in accounting.

Learning Objectives

After studying Chapter 7, in addition to defining key terms, you will be able to:

  • LO1 Prepare an income statement for a service business.
  • LO2 Calculate and analyze financial ratios using income statement amounts.
  • LO3 Prepare a balance sheet for a service business organized as a proprietorship.

Chapter 7 Vocabulary Acct

Chapter 7 Accounting Text

Chapter 7 Coversheet

Chapter 7 mastery wkprs

Chapter 7 study guide

Section 1:

Section 2: