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13 Cards in this Set

  • Front
  • Back
Another name for accounting
International business is another name for
Cause of inaccurate accounting records
Can cause failure or bankruptcy
Three types of businesses
service business
merchandising business
manufacturing business
Three types of forms of business ownership
sole proprietorship
Two types of Equities
to those whom money is owed
to the owner
Reason assets have value
Because it is used to acquire other assets it has...
Three assumptions that GAAP rules are based on
Business entity
Accounting Period (Fiscal Peroid)
Going Concern
Three major sections and sides of a financial sheet/statement
Assets - left
Liabilities - right
Owners Equity - right
Three lined heading in a financial statement (center top section)
Who: the name of the business or comapany
What: the name of the financial statement you are creating
When: The date or period of time
Two types of rulings
Single line: added or subtracted amounts
Double line: totals are verified as correct
Purpose of a balance sheet
Is to report details about its assets, liabilities, and owners equity
Where formal financial statements are sent
Sent to intrested persons
How most businesses prepare financial statements
Are prepared in different forms...