GAAP Concepts
What does the 1st A in "GAAP" Stand for
Accepted
How many steps is there in the Accounting Cycle
7
What Buisness structure uses raw materials to create brand new products.
Manufacturing
What does the 2nd A stand for in "GAAP"
Accounting
What step in the Acoounting Cycle talks about prepare post-closing trail balance.
Step 7
Which Buisness structure offers actions and not physical items?
Service Business
What does the P in "GAAP" Stand for
Principles
What 2 steps talk about journalizing
Step 2 and 6
What type of business has two or more owners who shares profits?
Partnership
What does the G in "GAAP" Stand for.
Generally
What step in the Accounting Cycle has a part A and B
Step 5
Which Buisness is owned by only ONE person?
Sole Proprietorship
What is a Business Entity
A principle that treats buisness as a seperate from owners for accounting purposes.
What is the first step in the Accounting Cycle
Analyzing business transactions...
Which Business Structure buys finished goods and resells them?
Merchandising