A business owned by one person whose personal possessions are at risk if the business fails.
What is Sole Proprietorship?
100
Assets= Liabilities x Owner's Equity
What is Basic Accounting Equation?
100
People who have claims against a company's assets?
What is Creditors/ Stockholders
100
A technique used to determine the variable rate (slope of a total cost line) of an independent variable and the fixed amount by using just two points: the highest point and the lowest point.
What is High Low Method?
200
A business owned by two or more individuals whose personal possessions are at risk if the business fails
What is Partnership?
200
Represents the claims on the business to transfer the residual interest (net assets of the business) to the owners.
What is Owner's Equity?
200
The rights to use resources that have expected future economic benefits
What is assets?
200
An amount incurred from using resources or services in the effort to generate revenue
What is Expense?
200
A company’s total revenues less its total expenses for a period to time.
What is Net Income?
300
A partnership composed of one or more general partners and one or more limited partners; only the general partners personal; possessions are at risk if the business should fail
what is limited partnership?
300
Assets minus liabilities.
What is Net Assets?
300
A liability likely to be paid or otherwise discharged within one year
What is Current Liabilities?
300
An asset likely to be used or consumed within one year
What is current assets?
300
a business entity that is legally separate and distinct from its owners
What is Corporation?
400
A partnership in which the individual partners are liable only for their own actions of those individuals under their control.
What is Limited Liability Partnership?
400
Claim to the assets of a company.
What is Equity?
400
represents the claims on the business to transfer the residual interest (net assets of the business) to the owners
What is Owner’s Equity?
400
an obligation that extends beyond a year
What is long term liabilities?
400
A check received and deposited by company that has been returned for lack of funds.
What is NSF Check?
500
A small business corporation owned by not more than 75 individuals; its profits are taxed at the individual level rather than the corporate level
What is S Corporation?
500
EOQ=((square root)2DO/C)
What is Economic Order Quantity?
500
The portion of the balance sheet that represents the capital received from investors in exchange for stock (paid-in capital), donated capital and retained earnings.
What is Stockholders’ Equity?
500
Assets which the company holds/ owners but cannot be held as a concrete item
What is intangible assets?
500
The area/utility that all the conversions take place