principles marketing

Question

1. What is a balance sheet? What are the elements of a balance sheet? How are these presented in proper form?

2. Define asset. Liability. Owner’s Equity.

3. What is the business entity concept?

4. What are the different major classifications of a balance sheet? Discuss each briefly.

5. How would a balance sheet of a service business differ from that a merchandising business?

6. How would a balance sheet of a single proprietorship differ from that a partnership and corporation?

7. What are the forms of a balance sheet presentations? Describe each one briefly.

8. How do you determine owner’s Equity?

Answer 1

Jabbar, are you using a textbook for this assignment? Usually textbook have glossaries at the back of them that define key terms like the ones in your questions.Another way to approach these questions is to go over lecture notes or course readings. Look for these key terms from the questions as you go over them. I hope this helps you get started