Barb's Bakery Barb Bowman Fell into the Baking Business. It Used to Used

question 6

Multiple Choice

Barb's Bakery
Barb Bowman fell into the baking business. It used to be a hobby. She made and sold cakes and cookies for birthdays and family events in the neighborhood and for friends' parties. Now, having opened the bakery, the business has taken off and Barb is wondering what sort of records she needs to keep.

-Which of these most commonly used accounting systems may be useful for Barb to keep records?

• A)Peachtree
• B)TaxCut
• C)TurboTax
• D)Checkpro

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Definitions:

Retained Earnings

The part of the net earnings kept by the company instead of being paid out to its shareholders in the form of dividends.

Financial Statements

Documents that offer a summary of a company's financial status, encompassing the balance sheet, income statement, and cash flow statement.

Treasury Stock

Shares that were issued and subsequently reacquired by a company, held in its own treasury.

Stockholders' Equity

Represents the owners' residual interest in the assets of a corporation after deducting liabilities.