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10 Cards in this Set
- Front
- Back
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A buisness owned by one person
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Sole propiertor ship
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A business owned by 2 or more persons
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Partnership
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Amounts owed to creditors in the form of debt and other obligations
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Liabilities
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the total amount paid in by stock holders for the share they purchased
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Common Stock
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Resources owned by businesses
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Dividends
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increase in assets resulting from the sale of a prouct or service in the normal course of buisness
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Revenue
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are the cost of assets consumed or services used in the process of generating revenus
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Expenses
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When revenue exceeds expense
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Net income
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when expenses exceed revenues
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Net Loss
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Reports the success or failure of the companys operations for a period of time
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Income statements
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