SBM 152 Small Business Management Accounting
Check Your Knowledge
1. Function of recordkeeping is to provide you with information that will help you see trends in your operation.
2. It is not important for a business owner to be involved personally in recordkeeping.
True False
3. The bookkeeping system you use must be tailored to your individual business needs.
True False
4. Simplicity is the key to small business accounting.
True False
5. You need to wait until you have your business license and are open for business to start with your records.
True False
6. . _____________ is monies derived from sales.
7. ______________ are monies paid out by your business.
8. Deductible expenses can be _______________ or ________________.
9. In order to qualify for home office expense, that part of your home must be used exclusively and on a regular basis.
True False
10. Expenses fall into 4 distinct categories. List the categories below.
1.
2.
3.
4.