Accounting
The fundamental Accounting equation
What is A=L+OE
The best time to begin saving for retirement.
What is As Soon As Possible?
the money left over after a business has paid the costs of producing its goods and services
What is profit
These represent the 3 main types of business organizations that use accounting (types of business ownership)
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
Calculate this by taking the total amount of money and assets you have and subtracting the total amount of money you owe.
What is your Net Worth?
The factors of production
What is land, labor, capital, and entrepreneurship
Decreases both assets and owner’s equity
What is a withdrawal?
This is the purpose of accounting
What is to 1)identify, 2)record and 3)communicate financial information?
These are the 5 main activities involved in accounting
What are 1) Gathering financial information, 2) Preparing and collecting records, 3) Summarizing and classifying financial information, 4) Preparing formation reports and summaries and 5) Establishing controls to promote accuracy and honesty among employees?