Accounting 101
Decreases both assets and owner’s equity
What is withdrawal?
Selling the same product to the whole market
What is Mass Marketing?
Goods that a business purchases to sell is called
What is Merchandise?
This is known as the world's largest ocean
What is the Pacific?
Anything of value that is owned.
What is an "asset?"
An asset is obsolete when a newer asset can operate more efficiently or produce better service. T or F
What is true?
A business that sells to those who use or consume the goods is called a(n) _______________ business
What is a retail merchandise?
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
These 3 countries make up the continent that we are standing on
What is the United States, Mexico and Canada
price, place, promotion, product
What are the 4 P's of marketing?
Is a list of all accounts used by a business.
What is chart of accounts?
2-word term for a company's total assets minus total expenses & debts
What is Net Worth?
This line on the balance sheet refers to money owed by a company
What is Accounts Payable?
What is the world’s biggest island? A. Hawaii B.Greenland C.Bahamas
What is Greenland?
The pattern of sales of a product from introduction to its withdrawal from the markets
What is Product Life Cycle?
What is Asset, Liability, Owners Capital
What are Permanent Accounts?
The term used to explain how quickly a company can convert assets into cash.
What is liquidity?
It is a legal right to property
What is a financial claim?
Third planet from the Sun
What is Earth?
If a business closes, the claims of these individuals are settled first.
Who are creditors?
This is the purpose of accounting (3)
What is to 1)identify, 2)record and 3)communicate financial information?
This involves testing business records and procedures for accuracy.
What is auditing?
This system is used to analyze and record a transaction
What is a double-entry accounting?
By mass, it's the most abundant element in the Earth's crust and in your body.
What is oxygen?
This is the difference between total assets and total liabilities.
What is Owner's Equity?