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20 Cards in this Set

  • Front
  • Back
  • 3rd side (hint)
Monetary unit assumption
Only events that are measured in money can be recorded.
Owners health cannot be measured.
Economic Entity Assumption
requires that activities of the owners be kept seperate drom that of the company.
Sally Reid, Sallys Boutique
Sole Proprietorship
-Business owned by one person. He runs the show
Plumbing, autorepair shop
Partnership
-like proprietorship except profits and responsibilities are divided by 2.
Xposure nights Ent
Corporation
-Seperate Legal Entity
-Ownership divided into stocks
-Stockholders share limited liability
Pepsi, Mcdonalds
Basic Accounting Equation
Assets+Liabilities+StockHolders Equity
Assets
-Resources a company owns or controls.
-Puts money in your pocket
Liabilities
are claims against assets that is, existing debts and obligations.
-Accounts Payable, Note Payable, Wages PAyable, Real Estate Payable
StockHolders Equity
-Total Assets minus Liabilities
-Revenues, Expenses, Dividend
Cost Principle
companies record assets at thier cost
Monetary unit assumption
Only events that are measured in money can be recorded.
Owners health cannot be measured.
Economic Entity Assumption
requires that activities of the owners be kept seperate drom that of the company.
Sally Reid, Sallys Boutique
Sole Proprietorship
-Business owned by one person. He runs the show
Plumbing, autorepair shop
Partnership
-like proprietorship except profits and responsibilities are divided by 2.
Xposure nights Ent
Corporation
-Seperate Legal Entity
-Ownership divided into stocks
-Stockholders share limited liability
Pepsi, Mcdonalds
Basic Accounting Equation
Assets+Liabilities+StockHolders Equity
Assets
-Resources a company owns or controls.
-Puts money in your pocket
Liabilities
are claims against assets that is, existing debts and obligations.
-Accounts Payable, Note Payable, Wages PAyable, Real Estate Payable
StockHolders Equity
-Total Assets minus Liabilities
-Revenues, Expenses, Dividend
Cost Principle
companies record assets at thier cost