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