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Process
Abbreviations
Ownership Structures
100
Looking at events that have taken place and thinking about how they affect the business
What is Analyzing
100
Generally Accepted Accounting Principles
What is GAAP
100
One owner
What is Sole Proprietorship
200
Entering financial information about events into the accounting system.
What is Recording
200
SEC
What is Securities and Exchange Commission
200
Two or more partners
What is Partnership
300
Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events
What is Classifying
300
FASB
What is Financial Accounting Standards Board
300
Stockholders
What is Corporation
400
The aggregation of many similar events to provide information that is easy to understand.
What is Summarizing
400
AICPA
What is American Institute of Certified Public Accountants
400
Assume the risk for the business and their personal assets can be taken to pay creditors
What is a Partnership
500
Telling the results
What is Reporting
500
AAA
What is American Accounting Association
500
The owners' risks is typically limited to their initial investment
What is a Corporation