What is another name for a profit and loss statement?

Pretend you own a lemonade stand. Would lemons be a direct or indirect expense?

What is the purpose of a balance sheet, and how is it structured?

If ABC plumbing has $500 in assets and $300 in liabilities, what is the owners equity?

What is the accounting equation?

Pretend you own a jewelry store. Would the rent you pay for your retail space be consider a direct or indirect expense?

In accounting, what is an obligation or debt that an entity (typically a business) owes to another party?

In accounting, what do we call a resource with economic value that is owned or controlled by an entity?

Imagine you have started a shoe business. Your average shoe price is $40 and you are guessing you will sell about 10 shoes a day during your first year. If you are open every day (365 days) what should your year one revenue projection be?

Is cash an example of a liability?

True or false: If a business expects to have financial losses in their first year, it means they have a bad business idea and should not start it.

Give me 2 examples of liabilities that a business might have.

Give me one example of an appreciating asset.