What is accounting?
GAAP
Business Ownership
Who uses Accounting Information
Pro/Con of Business Ownership
100
Based on financial events that occur
What is information gathering
100
Specific rules, practices, and procedures that should be followed accountants
What is GAAP
100
A single person owns the company
What is a sole proprietorship
100
They use accounting information to plan and control daily operations and long-term goals
What is managers and business owners
100
You get to keep all the profits
What is sole proprietorship
200
This is expressed in monetary terms
What is information measuring
200
GAAP Rules are made by
What is The Canadian Institute of Chartered Accountants
200
A business that has multiple partners and unlimited liability
What is partnerships
200
They use accounting information to decide if they should continue, increase, decrease or discontinue investing in the company
What is investors
200
Shared debt but unlimited liability
What is partnership
300
This is keeping track of events
What is recording information
300
accounting for a business organization must be kept separate from the personal affairs of its owner, or from any other business or organization
What is The Business Entity Concept
300
A business where the members own and control the decision making
What is co-operative
300
They use accounting information to determine if they should loan money or if they will get their money back
What is creditors/banks
300
Proven track record and nationally or internationally recognized name
What is franchise
400
Reviewing statements to ensure accuracy and efficiency of operations to assist in information making
What is interpreting and controlling
400
A business will continue to operate unless it is known that it will not
What is The Continuing Concern Concept
400
A legal entity that exists independently of its owners who are shareholders
What is corporation
400
This government regulatory body uses accounting information to determine how much they will be receiving in taxes
What is Canada Revenue Agency (CRA)
400
Individual members hesitant to invest more - only one vote
What is co-operative
500
Summarizing and reporting information based on
What is written reports
500
Accounting for a business should be fair and reasonable
What is The Principle of Conservatism
500
A company where they sells the rights to use the business name and to sell a product or service in a given territory.
What is franchise
500
They use accounting information to determine their job security
What is employees
500
Ownership is easily transferable
What is cooperation
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