Accounting Terms
Method of reporting financial activity of a business
accounting
What is the total for liabilities if:
Assets Balance : $45000
Owner's Equity Balance: $15000
Liabilities Balance : $30000
a business owned by 2 or more people
partnership
form of economy found in the US
Mixed Economy
the owner’s rights to the assets of the business
Owner's equity
If the Statement of Owner's Equity account had $30,000 as a beginning balance and a contribution was made to the business to double the owner's equity account, how much was the contribution?
$30000
****Daily Double***
the period of time covered for a financial statement
fiscal period
CONTEST BETWEEN BUSINESSES TO WIN CUSTOMER’S BUSINESS AND LOYALTY
competition
****Daily Double***
Statement of a business that reports the revenue, expenses and the net income/loss
Income Statement
****Daily Double***
What's the total revenue account balance if these are the following transactions:
Pet Food Sales $1200, Dog Food Sales $500, Fish Food Sales $400, Returns 650.
$1450
Professional whose work involves checking on the accuracy of work completed by bookkeepers and accountants
auditor
What are the 4Ps of marketing
price, product, place, promotion
Accountants who meet specific educational requirements and pass a national examination
CPA (certified public accountant)
If a business owns a piece of real estate worth $250,000, and they owe $180,000 on a loan for that real estate, what is owners’ equity in the property?
$70,000
a sum of money demanded by a government for its support or for specific facilities or services
taxes
****Daily Double***
what is the hardest form of business to start
corporation
Name 5 liability accounts
accounts payable, rent, mortgage, utilities, salaries, taxes
Given the following information, calculate ABC Corp’s Net Income:
$40,000
profits earned by shareholders in a company
dividends
****Daily Double***
INVOLVES BEHIND THE SCENES PAPERWORK REQUIRED TO COMPLETE ALL TRANSACTION
Operations