Kaplan-University AC 113 Unit 1

In this Assignment you will identify the terms of business entities, (i.e., manufacturing, service or merchandising), and the items found on the financial statements (i.e., revenue, expenses, assets, liabilities) and identify the activities found on the statement of cash flow. Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor. Upload your Excel file to the Assignment Dropbox by the end of the unit. In order to ensure full functionality for these Assignment templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format. 250,000 loan from City National Bank. The bank requested financial statements from Custom Enterprises as a basis for granting the loan. Loretta has told her accountant to provide the bank with a balance sheet. Loretta has decided to omit the other financial statements because there was a net loss during the past year. Is Loretta behaving in a professional manner by omitting some of the financial statements? Question 5. Question : Which of the following is NOT a satisfactory statement of the accounting equation?

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