forms of business
Entrepreneur
Accounting System
Reports & assumptions
Random
100
taxes are lower
What is a sole proprietorship?
100
Pro or Con: You choose your own hours
What is a pro?
100
Designed to collect, document and report on financial transactions affecting the business.
What is an accounting system?
100
This type of accounting focuses on reporting information to external users.
What is financial accounting?
100
The amount of money above the amount spent to keep the business operating.
What is a profit?
200
Easier to raise money.
What is a corporation?
200
Pro or Con: You select the people who you work with
What is a pro?
200
The accounting system is processed by hand.
What is a manual system?
200
This type of accounting is for internal users?
What is management accounting?
200
A person who transforms ideas for products or services into real-world businesses.
What is an entrepreneur?
300
limited expertise
What is a sole proprietorship?
300
Pro or Con: Need to work long hours
What is a con?
300
The information is recorded by entering information into the computer.
What is a computerized system?
300
This assumption assumes that a business exists independently of its owners personal holdings.
What is business entity?
300
A business owner by one person.
What is a sole proprietorship?
400
More startup costs
What is a corporation?
400
You market your own service or products?
What is a con?
400
The rules are refereed to a generally accepted accounting principles.
What is GAAP?
400
This is the period of time covering an accounting report.
What is an accounting period?
400
The freedom to produce goods and service.
What is the free enterprise system?
500
More money available
What is a partnership?
500
You create opportunities for earning money.
What is a pro?
500
These summarize information about the financial status of a business.
What are financial reports?
500
Accountants assume that a business has the ability to survive and operate indefinitely.
What is going concern?
500
When a businesses expenses exceeds their income.
What is a loss?
M
e
n
u