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9 Cards in this Set
- Front
- Back
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Sole proprietorship |
Business with a single owner |
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Partnership |
Business with two or more owners but organized like a corporation |
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Corporation |
Business organized under state law that is a separate legal group |
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Limited liability |
A company in which each member is only liable for their own actions |
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What is the structure of a corporation? |
1. Stockholder 2. Board of the director 3. Chairperson of the board 4. President 5. Vice president sales,operations,accounting,human resource and corporate secretary |
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What is the Accounting equation? |
Assets= Liabilities +Equity |
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What is an Asset? And what are some examples? |
Resource that should help out a business Cash, merchandise, furniture, and land |
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What are Liabilities ? (Many have the word payable in their titles) what are some examples? |
Accounts payable, Notes payable, Salaries payable |
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What is accounting |
Measures a business activities and makes reports |
