Chapter 1vocab
chapter 1
chapter 2 vocab
chapter 2vocab
true/false
100
records, sorts, and files accounting information
What is an accouting clerk?
100
service business, merchandising business, manufacturing business
What are the 3 types of businesses?
100
a separate record used to summarize changes in each asset, liabilty, and owner's equity of a business.
What is an account?
100
reduce owner's equity as a result of the owner taking cash or other assets out of the buisness for persinal use
What is withdrawls?
100
Analyzing is looking at events that have taken place and thinking about how they effect the buisness.
true
200
Designs the accounting information system and focuses on analyzing and interpreting information
What is an accountant?
200
no credit
What is bad credit?
200
An item that is owned by the business and will provide future benefits.
What is asset?
200
reports beginning capital plus net income less withdrawals to compute ending capital
What is statement of owner's equity?
200
a sole proprietorship is owned by a group of people
FALSE is owned by one person
300
A business that makes a product to sell
What is manufacturing business?
300
GAAP
What is GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
300
any accounting period of 12 mounths' duration.
What is the fiscal year?
300
another name for the balance sheet, which reports assests, liabilities, and owners equity on a specific date.
What is statement of finanical condition?
300
pharmacy is part of a service busines type
FALSE is by a merchandising business type
400
A business that buys product to sell
What is merchantising business?
400
Analyzing, recording, classifying, summarizing, reporting, iterpreting
What is the accouting process
400
something owed to another business entity
What is liability?
400
the amount a business charges customers for products sold or services performed
What is revenues?
400
we start school at 9.
FALSE at 8
500
see tax accounting
What is taxating?
500
1. sole proprietorship 2. partnership 3. corporation
What are the 3 types on ownership structures?
500
the amount in which the business asswets exceed the business liabilities
What is owner's equity?
500
another name for the income statement, which reports the profitability of business operations for a specific period of time.
What is statement of financial condition?
500
Ms.Barnes middle name is Merdie.
False I cant tell you!!!!!!!
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