Financial Statements for a Proprietorship
Objectives:
Define accounting terms related to financial statements for a service business organized as a proprietorship
Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship
Prepare an income statement for a service business organized as a proprietorship and analyze an income statement using component percentages
Prepare a balance sheet for a service business organized as a proprietorship.
Vocabulary
Stakeholder
Component percentage