The Environment of Business
This term is used to describe the situation where a business is making more money than they are losing
What is a profit?
What is a manual accounting system?
The legal right to property, meaning that once an item has been purchased, legally the item belongs to the consumer
What is a financial claim?
Record of changes and balances of a specific account
What is an account?
This bird is considered to be the fastest bird on two feet by many scientists
What is the ostrich?
Someone who transforms ideas for products or services into real-world, practical businesses
What is an entrepreneur?
This type of accounting is not typically directly involved with the business operations on a day-to-day basis; instead, the main focus for these reports are for investors, banks and the government
What is financial accounting?
When you buy something, but pay for it later, this is known as buying something on this.
What is credit?
The term used to describe all accounts grouped together in one document
What is a ledger?
This flavor is made when you mix chocolate with coffee
This type of business purchases raw materials, and by using their labor forces and machinery, transform them into new products that they will sell to other people or businesses for resale
What is a manufacturing business? or What is a manufacturer?
This type of accounting is made specifically for management to overlook their information to make better financial choices for their business
What is management accounting?
This is the term for all financial claims to assets
What are equities?
This type of accounting records the different sides of the business transaction as debits or credits
What is double-entry accounting?
This Norse god is known for his gloves of iron, a belt of strength, and a magic hammer
Who is Thor?
A business owned by one person
What is a sole proprietorship?
All accountants must follow these principles as an accountant of a business
What are the Generally Accepted Accounting Principles or GAAP?
An economic event that causes a change - either an increase or a decrease - in the accounting equation
What is a business transaction?
An efficient tool that analyzes both sides of the double-entry accounting transaction
What is a T account?
This comic book/movie character once told his nephew, "With great power, comes great responsibility?"
Who is Uncle Ben or Ben Parker?
Business recognized legally to have a life of its own
What is a corporation?
The GAAP includes three principles, one of which is the business entity, where the business exists independently of the owner. Another principle is the accounting period, which is the period of time that would be covered in a report. The last principle is this, where the business is considered stable and able to remain in business for that given period.
What is the going concern?
The total amount of money owed to your business falls under this account
What is Accounts Receivable?
A list of all accounts used by a business is referred to as this
What is the Chart of Accounts?
This character was introduced into Spider-Man in 2011 by becoming the second wall-crawling crime fighter in an alternate reality.
Who is Miles Morales?