Thomas is an entertainer for children’s parties. He runs the business and works the parties himself; he has no debts so the finances are simple. What is the minimum that needs to be documented in his accounting?

Question

(1 point)
Responses

income, expenses, and taxes

income, expenses, and taxes

assets, investments, and equity

assets, investments, and equity

income, investments, and taxes

income, investments, and taxes

equity, investments, and assets

equity, investments, and assets

Answer 1

The minimum that needs to be documented in Thomas's accounting for his children's party entertainment business is income, expenses, and taxes. This will ensure he has a clear understanding of his revenue and costs, and that he complies with tax regulations.